Ecopetrol (EC) 6-K Ecopetrol Announces Its Results for the Third Quarter of 2013

Ecopetrol Announces Its Results for the Third Quarter of 2013

· The financial results of the third quarter were the strongest of the past six quarters, driven by production growth, stable hydrocarbon prices andthe devaluation of the Colombian peso.

· Ecopetrol S.A.’s net income in the third quarter of 2013 was COP$ 3.97 trillion, rising 22.1% compared to the second quarter of 2013 and 22.4% compared to the third quarter of 2012. EBITDA margin was 50% both in the quarter and in the January-September period.

· Average production forthethird quarter 2013 (Ecopetrol S.A., including its interest in affiliates and subsidiaries)reached a record of 800.4 mboed1 , a 7.7% increase compared to the third quarter of 2012. For the January-September2013 period, the average production was 790.7 mboed, growing 5.4% compared to the same period of 2012.

BOGOTA, October 30, 2013. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its unaudited financial results, both consolidated and unconsolidated, for the third quarter of 2013, prepared and filed in Colombian pesos (COP$) in accordance with the Public Accountancy Legal Framework (Régimen de Contabilidad Pública, RCP) of Colombia’s General Accounting Office.

Some figures in this release are presented in U.S. dollars (US$), as indicated. The financial results in the main body of this report have been rounded to one decimal place. Figures presented in COP$ billion are equivalent to COP$1 thousand million (COP$1,000,000,000). Additionally, some 2012 figures have been reclassified to be comparable to those of 2013.

Highlights of Ecopetrol S.A.’s financial results

Unconsolidated
(COP$ Billion)	3Q 2013 *			2Q 2013*			Var. %			3Q 2012			Var. % **			Jan-Sep 2013*			Jan-Sep 2012			Var. %
Total sales		16,218.4			15,322.7			5.8	%		14,228.7			14.0	%		46,313.0			44,470.3			4.1	%
Operating profit		5,497.5			4,907.1			12.0	%		4,550.5			20.8	%		15,550.0			16,630.8			(6.5	%)
Net Income		3,973.8			3,253.8			22.1	%		3,247.6			22.4	%		10,723.4			11,266.3			(4.8	%)
Earnings per share (COP$)		96.65			79.13			22.1	%		78.99			22.4	%		260.80			274.00			(4.8	%)
EBITDA		8,181.1			7,302.1			12.0	%		6,523.4			25.4	%		23,229.1			22,566.7			2.9	%
EBITDA Margin		50	%		48	%					46	%					50	%		51	%

Consolidated
(COP$ Billion)	3Q 2013 *			2Q 2013*			Var. %			3Q 2012			Var. % **			Jan-Sep 2013*			Jan-Sep 2012			Var. %
Total sales		18,127.2			17,595.6			3.0	%		16,556.7			9.5	%		52,468.5			51,093.8			2.7	%
Operating profit		6,144.0			5,927.2			3.7	%		5,172.1			18.8	%		17,625.1			18,019.1			(2.2	%)
Net Income		3,860.7			3,407.5			13.3	%		3,227.1			19.6	%		10,680.0			11,158.2			(4.3	%)
EBITDA		7,999.7			7,516.1			6.4	%		6,643.1			20.4	%		23,112.3			22,640.7			2.1	%
EBITDA Margin		44	%		43	%					40	%					44	%		44	%

* Not audited

** Between 3Q 2013 and 3Q 2012

Some 2012 figures were reclassified for the sake of comparison with 2013 figures 

¹Thousands of barrels of oil equivalent per day

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

“In the third quarter of 2013, we obtained positive operating and financial results, driven by increasing levels of production, favorable hydrocarbon prices and the devaluation of the peso/dollar exchange rate. However, we continued to face a challenging environment mainly because of attacks on the transportation infrastructure and some blockades of operations.

I would like to highlight the following aspects:

Hydrocarbon production reached a new record during this quarter, with an average of 800.4 mboed, which is mainly attributable to the growth of the Chichimene, Apiay, Quifa and Rubiales fields.

The Guainiz-1 well proved presence of hydrocarbons. This is the third discovery in block CPO-10, located in Meta Province in Colombia, in which Ecopetrol holds a 100% stake. The well produced crude of 14.4° API with a water cut of 8%. The discovery brings Ecopetrol’s group success rate in Colombia to 83%, since the beginning of 2013.

Construction and line filling of the Bicentenario Oil Pipeline was completed. Additionally, the company continued expanding other oil and product pipelines. Refining modernization projects advanced according to plans.

Financial results were the best of the past six quarters. I highlight the 22% growth in net income compared to the third quarter of last year and the EBITDA margin of 50% in both the quarter and the January-September period.

As I mentioned in the prior quarter, we continued implementing cost control initiatives in all segments of our operations, especially with respect to well maintenance, energy consumption, procurement, and refinery maintenance.

The company carried out successful bond offerings in the Colombian and international capital markets, raising approximately COP$5.6 trillion in favorable terms.

Regarding sustainability, for the third straight year we have been included in the Dow Jones Sustainability World index, and are among the top 10% of companies with the best sustainability performance out of a total of 2,500 publicly traded companies that are part of the Dow Jones world index.

To conclude, I would like to express my satisfaction and optimism given the results of the quarter”.

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Ecopetrol presents its results for the third quarter of 2013

Table of Contents

I.	Financial Results		4
	a.	Availability of Crude, Natural Gas and Products	4
	b.	Sales Volumes	5
	c.	Crude, Product and Natural Gas Prices	6
	d.	Financial Results	7
	e.	Cash Flow	10
	f.	Balance Sheet	11
	g.	Financing	12
	h.	Risk rating	12
II.	Consolidated Financial Results		13
	a.	Segment results	14
III.	Operating Results		17
	a.	Investment plan	17
	b.	Exploration	17
	c.	Production	19
	d.	Refining	20
	e.	Transportation	22
	f.	Biofuels	23
IV.	Organizational Consolidation and Corporate Governance		24
	a.	Organizational consolidation	24
	b.	Corporate responsibility	24
	c.	Corporate governance	24
V.	Third Quarter Results Conference Calls		25
VI.	Additional Exhibits		26
VII.	Exhibits of Subsidiary Results and Shareholder Interest		32

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I. Financial Results

a. Availability of Crude, Natural Gas and Products

The availability of Ecopetrol S.A. crude, natural gas and products were the following:

Ecopetrol S.A. (unconsolidated)

1) Crude Oil (mbod)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
(+) Net Production		530.6		495.8		7.0	%		525.1		498.9		5.3	%
(+) Purchases*		193.4		201.5		(4.0	%)		193.1		198.2		(2.6	%)
(+) Diluent		70.6		62.5		13.0	%		66.8		63.3		5.5	%
Total		794.6		759.8		4.6	%		785.0		760.4		3.2	%

2) Natural Gas (mboed)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
(+) Net Production		110.5		87.5		26.3	%		106.3		88.7		19.8	%
(+) Purchases*		8.4		12.8		(34.3	%)		9.6		22.5		(57.4	%)
Total		118.9		100.3		18.6	%		115.9		111.2		4.2	%

3) Products (mbd)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
(+) Production		216.2		231.5		(6.6	%)		218.5		219.7		(0.6	%)
(+) Local Purchase		5.3		4.8		9.6	%		5.9		6.1		(3.0	%)
(+) Imports		73.4		41.2		78.1	%		60.2		51.1		17.8	%
Total		294.9		277.5		6.3	%		284.6		276.9		2.8	%

* Includes royalties from the National Hydrocarbon Agency (Agencia Nacional de Hidrocarburos, ANH), royalties from Ecopetrol and other companies, and local purchases from third parties

The main events of third quarter 2013 were:

· Higher crude oil production (+34.8 mbod): increase in production from fields (owned by Ecopetrol and under association contracts), primarily in the Llanos region.

· Lower purchases of crude oil (-8.1 mbod):

o Decreasing purchases due to lower transport capacity available in the Ocensa pipeline (new allocation guidelines): (-13.4 mbod).

o Higher royalty purchases driven by the increase in the Colombian crude production: (+5.3 mbod).

· Decreased purchases of natural gas (-4.4 mboed):

o Higher availability of gas from the Cupiagua field due to a reduction in royalties, from 32% to 6%: (-2.8 mboed).

o Decreased purchases in Colombia (-1.6 mboed) due to the deliveries of other producers in Cusiana and Guajira fields, explained by operational balancing agreements.

· Increased purchases of the following products in Colombia (+0.5 mboed):

o Jet fuel (supplied by Refineria de Cartagena S.A.): higher local demand.

o Biodiesel B100 (supplied by Ecodiesel S.A.): higher local demand for diesel.

· Increased product imports (+32.2 mbd):

o Low sulfur content diesel: 1) higher demand; and 2) lower production at the Barrancabermeja refinery due to a heavier feedstock.

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b. Sales Volumes

The following is a summary of sales volumes:

Ecopetrol S.A. (unconsolidated)

Sales volume

Local sales volume (mboed)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 13		Jan-Sep 12		∆ (%)
Crude Oil		30.3		11.9		154.6	%		29.8		10.1		195.0	%
Natural Gas		64.9		52.7		23.1	%		63.0		57.9		8.8	%
Gasoline		69.6		63.1		10.3	%		68.9		66.4		3.8	%
Medium Distillates		119.5		115.0		3.9	%		115.9		112.1		3.4	%
LPG and Propane		15.0		14.5		3.4	%		14.5		15.5		(6.5	%)
Fuel Oil		2.1		2.1		0.0	%		1.9		2.0		(5.0	%)
Industrial and Petrochemical		14.3		13.8		3.6	%		13.2		13.6		(2.9	%)
Total Local Sales		315.7		273.1		15.6	%		307.2		277.6		10.7	%

Export sales volume (mboed)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 13		Jan-Sep 12		∆ (%)
Crude Oil		454.4		425.7		6.7	%		456.1		441.1		3.4	%
Products		60.5		53.6		12.9	%		59.1		53.0		11.5	%
Natural Gas		26.1		15.8		65.2	%		24.4		23.8		2.5	%
Total Export Sales		541.0		495.1		9.3	%		539.6		517.9		4.2	%

Sales to free trade zone (mboed)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 13		Jan-Sep 12		∆ (%)
Crude Oil		57.9		70.3		(17.6	%)		67.7		70.2		(3.6	%)
Products		0.7		2.9		(75.9	%)		1.6		3.0		(46.7	%)
Natural Gas		3.0		6.0		(50.0	%)		2.9		4.7		(38.3	%)
Total sales to free trade zone		61.6		79.2		(22.2	%)		72.2		77.9		(7.3	%)
Total sales volume		918.3		847.4		8.4	%		919.0		873.4		5.2	%

b.1) Market in Colombia: Sales to the Colombian market comprised 41% of total sales in the third quarter of 2013 (34% excluding sales to free trade zones):

The increase in local sales volumes in the third quarter of 2013 is explained mainly by:

· Crude (+18.4 mbod): higher sales in the local market used for marine fuels, given restrictions on oil pipeline export capacity.

· Natural Gas (+12.2 mboed): new clients (industrial) and rising demand from thermal electrical generators due to lower hydric reserves.

· Gasoline (+6.5 mbod): increase in demand from wholesalers.

· Medium distillates: (+4.5 mbod):

o Diesel (+1.3 mbod): increase in demand.

o Jet fuel (+3.2 mbod): higher demand due to an increase in airline frequencies.

· LPG and Propane (+0.5 mbod): Sales were consistent with the yearly trend, which declined because of the arrival of other non-regulated competitors. However, in the third quarter of last year there was less availability of the Cusiana product resulting in a slight increase in the third quarter of 2013 compared with the same period of 2012.

· Industrial and petrochemical products (+0.5 mboed): higher demand for asphalt from infrastructure projects.

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b.2)International market: Sales to the international market comprised 59% of total sales in the third quarter of 2013 (66% including sales to free trade zones: Reficar, Celsia and Comai):

The higher exported volume by Ecopetrol during the third quarter 2013 is explained mainly by:

· Crude (+28.7 mbod): higher production of Ecopetrol and royalty purchases (agreement with ANH).

· Products (+6.9 mbod): higher fuel oil production in the Barrancabermeja refinery due to the use of heavier crude feedstock.

· Natural Gas (+10.3 mboed): new production in the Riohacha field (starting Aug. 2013).

However, sales volumes to free trade zones fell due to:

· Crude (-12.4 mbod): decreased deliveries to Reficar owing to the unscheduled turnaround at the crude unit, and restrictions in the delivering planned crudes.

· Products (-2.2 mbod): lower deliveries of propylene due to reduced availability at the Barrancabermeja refinery.

· Natural Gas (-3.0 mboed): lower demand from Celsia and Reficar (turnarond of the crude unit).

The following is a summary of the main destinations of Ecopetrol’s crude and product exports. This data excludes natural gas exports to Venezuela and volumes sold to Hocol S.A. and other third parties. Export volumes of crudes to Asia, and of products to the Caribbean, increased during the third quarter of the year.

Export destinations - Crudes
Destination	3Q 2013			3Q 2012			Jan-Sep 2013			Jan-Sep 2012
U.S. Gulf Coast		41.5	%		49.1	%		42.5	%		50.1	%
Asia		34.0	%		14.6	%		34.1	%		17.7	%
Europe		9.4	%		8.3	%		7.9	%		7.5	%
Central America / Caribbean		5.4	%		9.0	%		6.3	%		5.8	%
South America		4.7	%		1.7	%		3.7	%		4.1	%
U.S. West Coast		3.0	%		10.3	%		4.0	%		10.2	%
U.S. Atlantic Coast		2.0	%		3.1	%		1.5	%		2.9	%
Africa		0.0	%		2.6	%		0.0	%		0.8	%
Canada		0.0	%		1.3	%		0.0	%		0.9	%
		100.0	%		100.0	%		100.0	%		100.0	%

Export destinations - Products
Destination	3Q 2013			3Q 2012			Jan-Sep 2013			Jan-Sep 2012
Asia		41.0	%		56.8	%		46.8	%		50.7	%
Central America / Caribbean		46.6	%		20.7	%		39.1	%		20.3	%
U.S. Atlantic Coast		12.4	%		16.2	%		14.1	%		19.2	%
U.S. Gulf Coast		0.0	%		6.3	%		0.0	%		9.7	%
U.S. West Coast		0.0	%		0.0	%		0.0	%		0.1	%
		100.0	%		100.0	%		100.0	%		100.0	%

c. Crude, Product and Natural Gas Prices

Prices of crude references (average, (US$/Bl)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
Brent		109.7		109.4		0.2	%		108.5		112.2		(3.3	%)
MAYA		99.3		97.5		1.9	%		99.9		101.8		(1.9	%)
WTI		105.8		92.2		14.8	%		98.2		96.2		2.1	%

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Sales price (US$/Bl)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)			Sales volume 3Q 2013		Sales volume Jan-Sep 2013
Crude oil basket		101.1		101.2		(0.2	%)		104.6		99.2		5.5	%		542.7		553.7
Products basket		110.1		109.3		0.7	%		114.0		109.8		3.9	%		281.6		275.0
Natural gas basket		27.3		27.9		(2.0	%)		27.9		27.6		0.8	%		94.0		90.4

Crude:

Between the third quarter of this year and the same period of last year, the sale price of the crude basket remained relatively stable as a result of:

· Higher price of heavy crude (Maya crude rose US$1.9 per barrel and narrowed its spread versus Brent) caused by the cease of operations of terminals in Mexico due to adverse weather conditions.

· Lower price of the international fuel oil index (-US$4.3 per barrel), which is the benchmark for crude sold in the Colombia.

During the third quarter of the year, the crude oil export basket of Ecopetrol was indexed to Brent (68%) and Maya (32%).

Products:

The price of the product basket remained relatively stable during the third quarter of 2013, compared to the same period of last year. International prices rose in July and were offset by the decline in August and September, particularly that of gasoline.

Natural gas:

The sales price for export and free trade zones were driven by the lower price of Guajira gas, which is indexed to the Fuel Oil 1% USGC .

d. Financial Results

Unconsolidated Income Statement

(COP$ Billion)	3Q 2013*			3Q 2012			∆ ($)			∆ (%)			Jan-Sep 2013*		Jan-Sep 2012		∆ ($)			∆ (%)
Local Sales		5,244.2			4,395.5			848.7			19.3	%		14,729.4		13,622.5		1,106.9			8.1	%
Export Sales		9,306.7			8,094.8			1,211.9			15.0	%		26,510.0		25,690.6		819.4			3.2	%
Sales to free trade zone		1,123.8			1,297.3			(173.5	)		(13.4	%)		3,744.8		3,940.3		(195.5	)		(5.0	%)
Sales of services		543.7			441.1			102.6			23.3	%		1,328.8		1,216.9		111.9			9.2	%
Total Sales		16,218.4			14,228.7			1,989.7			14.0	%		46,313.0		44,470.3		1,842.7			4.1	%
Variable Costs		8,096.4			6,823.8			1,272.6			18.6	%		22,491.2		19,893.6		2,597.6			13.1	%
Fixed Costs		2,103.9			1,941.4			162.5			8.4	%		5,868.4		5,146.3		722.1			14.0	%
Cost of Sales		10,200.3			8,765.2			1,435.1			16.4	%		28,359.6		25,039.9		3,319.7			13.3	%
Gross profit		6,018.1			5,463.5			554.6			10.2	%		17,953.4		19,430.4		(1,477.0	)		(7.6	%)
Operating Expenses		520.6			913.0			(392.4	)		(43.0	%)		2,403.4		2,799.6		(396.2	)		(14.2	%)
Operating Profit		5,497.5			4,550.5			947.0			20.8	%		15,550.0		16,630.8		(1,080.8	)		(6.5	%)
Non Operating Profit/Loss		527.0			158.2			368.8			233.1	%		902.8		23.5		879.3			3,741.7	%
Income tax		2,050.7			1,461.1			589.6			40.4	%		5,729.4		5,388.0		341.4			6.3	%
Net Income		3,973.8			3,247.6			726.2			22.4	%		10,723.4		11,266.3		(542.9	)		(4.8	%)
Earnings per share (COP$)		96.65			78.99						22.4	%		260.80		274.00		(13.20	)		(4.8	%)
EBITDA		8,181.1			6,523.4						25.4	%		23,229.1		22,566.7		662.40			2.9	%
EBITDA Margin		50	%		46	%								50		51

* Not audited

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

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The following is an explanation of the main variations in results:

Operating income for the third quarter 2013 increased 14% (+COP$1,989.7 billion), despite a 1.1% reduction in average sale price compared to the same period of 2012, due to:

· Increased crude sales volume (+34.8 mbod): +COP$1,118 billion.

· Higher COP$/US$ exchange rate: +COP$534 billion.

Cost of sales in the third quarter of 2013 increased by 16% compared to the same period of 2012, as a result of increases in variable and fixed costs, as explained below.

· Variable costs:increased 19% (+COP$1.27 trillion) explained by:

o Higher hydrocarbon transport costs resulting from to: 1) higher fees payed to Cenit, and 2) increasing use of tank cars to transport diluent and crude oil: +COP$836 billion.

o Rising crude, gas and product purchases (+ COP$766 billion) as a result of:

§ Increase of 38.3 mbopd of purchased volumes (mainly imports) of: 1) diluent naphtha due to the increase in heavy crude production: 2) diesel to meet increasing national demand and replenish strategic stocks, and lower production at the Barrancabermeja refinery due to turnarounds, 3) gasoline for local market (heavier feedstock for the refineries reduced its production), replenishing strategic storage levels, and 4) petrochemical and industrial products (polyethylene and lubricant bases) for local market: +COP$852 billion.

§ The 6.1% devaluation of the COP/US$ exchange rate: +COP$324 billion.

§ Lower average purchase prices (-US$3.0/barrel) in the third quarter of 2013 (compared to the same quarter of 2012): -COP$410 billion.

o Higher amortization and depletion costs of fields driven by the higher productions at the Rubiales, Quifa, Castilla and Chichime fields, in addition to an increase in investments to raise production: +COP$134 billion.

o Higher inventories: -COP$502 billion.

· Fixed costs: growth of 8% (+COP$163 billion) as a result of:

o Rising contracted services (leasing, professional services, primarily technology services, and surveillance services): +COP$65 billion.

o Higher contracted services partnerships primarily in the Rubiales and Quifa fields due to 1) increased subsoil maintenance activity, 2) increased staff, 3) lease of injection and environmental control equipment: +COP$59 billion.

o Increase in labor costs due to: 1) increase in operations staff, 2) yearly wage increase in July 2013: +COP$36 billion.

o Higher costs from the recent tax reform by which gasoline and diesel, previously taxed, are now exempt from value added tax (VAT). As a result, the VAT paid in the production of those fuels is non-deductible starting 2013 and should be accounted as a higher cost: +COP$21 billion.

Total fixed costs due to attacks on transportation infrastructure from January to September 2013, amounted to approximately COP$ 43 billion. This cost includes repairs to pipelines, equipment lease, transportation services and environmental effects, among others.

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Operating expendituresdecreased 43% (-COP$392 billion)in the third quarter of 2013compared to the same periodin 2012,principally due to:

· Lower labor costs explained by the reestimation of the variable compensation bonus, which was less than estimated due to fatalities: -COP$24 billion.

· Decreasing transport costs from the ending of third party gas delivery contracts: -COP$35 billion.

· Lowercostsfrom theft and attacks: -COP$25 billion.

· Lower lawsuit provisions (–COP$365 billion) from:1) -COP$220 billionfromthefavorable ruling in theAguazul Tauramena lawsuit; 2) -COP$10 billion from lower lawsuit provisions;and 3) –COP$ 228 billion from lower lawsuit provisions; 4) –COP$ 47 billion from PPE provisions; and 5) +COP$140 billion from increased expenditures on pension commutation.

· Higher exploratory expenditures: +COP$42 billion.

· Higher general expensesamounting to COP$25 billionmainly due to: 1) materials and supplies(+COP$13 billion),2) transfers to costs associated with project and services estimates (+COP$7 billion),and 3) hydrocarbon theft control programs and social investment programsamounting to (+COP$6 billion).

In the second quarter of 2013 the financial transactions tax and the equity tax were reclassified as operating expenses, given that such payments are considered permanent or recurring and closely related to the operation in Colombia. This reclassification is included in all of the periods presented in this report, and complies with the specific accounting guidelines on reclassifying such taxes as operating expenses, issued by Colombia’s General Accounting Office.

Operating marginincreased to 34%, compared to 32%for the same periodin 2012.

Thenon-operating result had a gainof COP$527 billion in the third quarter 2013, rising COP$369 billion (233%), compared to the same period of last year, explained by:

· +COP$390 billion from non-operational income, mainly:1) +COP$47 billion fromthe arbitrage decision in the Quifa contract;2) COP$208 billion in recoveries of the retiree health-related provision,3) COP$116 billion from inventory surpluses, and 4) COP$19 billion from the settlement of agreements, expense legalizations, partnership contract expenses and indemnities.

· +COP$37 billion: higher income from subsidiaries and affiliates (equity method).

· +COP$23 billion: lower retiree expenses (amortization of the actuarial calculation).

· -COP$33 billion: lower mark to market of financial assets (adverse financial markets).

· –COP$45 billion: bond offering underwriter fees and lower interests and yields.

Income from subsidiaries and affiliates (accounted according to the equity method) increased COP$37 billion, as the result of:

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· Transport (+COP$215 billion): higher revenues driven by fees set by the Ministry of Mines and Energy in Ocensa and ODC pipelines, as well as the income from Cenit.

· Refining (-COP$139 billion): principally from: 1) Larger losses in Reficar (-COP$130 billion) owing to decreased sales caused by a shutdown at the crude and viscosity reduction plant and the cracking unit. The quality of light feedstock available at the refinery limited the production of medium distillates. 2) Lower income in Propilco S.A (-COP$16 billion) largely due to the higher cost of imported propylene (raw material).

· Exploration and production (-COP$33 billion): primarily from: 1) Decrease in Equion’s income (-COP$29 billion) caused by a reduction in production of the Piedemonte and Cusiana fields, 2) Decrease in Hocol Petroleum Limited revenue (-COP$18 billion) as a result of the termination of the Palermo partnership (and the transfer of rights to Ecopetrol) and a decline of the Ocelote field’s production, and 3) Reduction of COP$11 billion in the loss of Ecopetrol América Inc.

Equity Method: Net income per segment
(COP$ billion)
	3Q 2013			3Q 2012		Jan-Sep 2013			Jan-Sep 2012
Exploration and Production		107.9			140.7		101.9			496.2
Refining		(129.8	)		9.1		(304.9	)		(30.6	)
Transportation		347.2			131.8		916.0			181.7
Corporate		22.9			29.2		68.1			75.1
Total		348.2			310.8		781.1			722.4

The 40% increase (+COP$590 billion) in theincome tax expense in the third quarter of 2013 compared to the same quarter of 2012 is explained primarily by the increase in operating income and the impact of the tax reform approved in December of 2012 (CREE tax). The tax provision was accounted at an effective rate of 34% compared to 31% in third quarter 2012. As of September 2013, the income tax effective rate was 35%.

Ecopetrol’s third quarter 2013net income rose 22.4% compared to the third quarter of 2012.

EBITDA in the third quarter of 2013 increased 25.4% versus the same period in 2012, andEBITDA margin was 50%, compared to 46% in the third quarter of last year.

e. Cash Flow

COP$ Billion*	3Q 2013			3Q 2012			Jan-Sep 13			Jan-Sep 12
Initial Cash		4,216.8			9,272.4			10,693.1			9,238.0
Cash generated from operations (+)		16,351.3			13,948.1			47,125.8			45,294.9
Cash used in operations (-)		(11,032.1	)		(8,101.5	)		(36,398.7	)		(31,600.6	)
Capex (-)		(3,392.3	)		(2,485.4	)		(9,520.7	)		(6,019.6	)
Acquisitions (-)		-			-			-			-
Dividend payments (-)		(1,580.0	)		(3,500.0	)		(8,452.3	)		(8,419.3	)
Equity offering (+)		-			3.0			-			169.8
New debt (+)		6,021.1			-			6,305.9			-
Other inflows (+/-)		206.2			193.7			686.8			1,110.3
Fx differences (+)		(423.7	)		36.9			(72.6	)		(406.4	)
Final Cash		10,367.3			9,367.2			10,367.3			9,367.1

*For reporting purposes, balances in US$ are estimated in COP$ on a monthly base using the average exchange rate. The initial cash balance for each quarter is estimated based on the average rate for the first month and the final balance is estimated based on the average rate for the last month of the quarter.

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As of September 30, 2013, Ecopetrol had COP$10.367 billion in cash and portfolio investments (54.4% denominated in U.S. dollars).

f. Balance Sheet

Unconsolidated Balance Sheet

(COP$ Billion)	September 30, 2013		June 30, 2013		∆ $		∆ (%)
Current Assets		25,828.9		17,993.6		7,835.3		43.5	%
Long Term Assets		83,766.7		80,431.1		3,335.6		4.1	%
Total Assets		109,595.6		98,424.7		11,170.9		11.3	%
Current Liabilities		21,376.3		20,948.7		427.6		2.0	%
Long Term Liabilities		22,967.7		16,999.4		5,968.3		35.1	%
Total Liabilities		44,344.0		37,948.1		6,395.9		16.9	%
Equity		65,251.6		60,476.6		4,775.0		7.9	%
Total Liabilities and Equity		109,595.6		98,424.7		11,170.9		11.3	%
Debit Memorandum accounts		142,411.6		141,851.8
Credit Memorandum accounts		129,520.7		128,626.9

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

The main variations inassets during the quarter were based on:

· Increase in cash and cash equivalents and temporary investments (+COP$6,715 billion), originated largely from: 1) the bond issuance for COP$5,635 billion; 2) additional disbursement of COP$374 billion of the Ex-Im Bank loan facility; 3) higher collection of accounts receivable for COP$393 billion; and 4)dividends received from Inversiones de Gases de Colombia and Propilco S.A. of COP$31 billion.

· Higher non-current investments (+COP$1,307 billion) explained by: 1) a capitalization in Andean Chemicals Limited, of COP$1,066 billion (modernization of Reficar), and another in Ecopetrol Global Energy, of COP$94.4 billion (drilling in U.S. and Brazil) ; 2) a higher investment value in the equity method of COP$455 billion, partially offset by 3) sale of securities for COP$-246 billion.

o Increase in property, plant and equipment (+COP$1,209 billion), principally the result of: 1) capitalization of fixed assets of COP$463 billion; 2) construction of facilites for COP$755 billion; and 3) surplus of inventories for COP$283 billion; offset by 4) higher depreciation of –COP$366 billion.

· Increased valuations (+COP$766 billion) as a result of: 1) a valuation of property, plant and equipment from surpluses identified in the physical inventory that was recorded in the third quarter as COP$548 billion; and 2) a valuation of equity investments of COP$218 billion.

At the close of the third quarter,liabilities represented 40% of assets, an increase of COP$6,395.9 billion, mainly reflecting the:

· Increase in financial obligations of COP$6,043 billion: 1) international bond issuance of US$2,500 million (COP$4,735 billion); 2) internal debt bonds issuance for COP$900 billion; and 3) additional disbursement of the Ex-Im Bank credit facility for COP$374 billion.

· Increase in taxes, rates and contributions of COP$1,948 billion, the result of: 1) a revenue provision of COP$2,158 billion and 2) payment of equity tax of COP$238 billion.

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· Payment of dividends to the Nation in September for COP$1,580 billion.

Equity amounted toCOP$65,251.6 billion as of September 30, 2013 compared to COP$60,476.6 billion at the end of the second quarter of 2013. This increase was primarily the result of COP$3,973.8 billion in net income generated during the quarter and a surplus to higher valuationsof COP$766 billion.

g. Financing

a) Issuance of debt bonds in Colombia:

· Principal Amount: COP$900 billion.

· Date ofissuance: August 27, 2013.

· Amortization: at maturity.

· Interestpayments: semiannual.

Series C: Bonds denominated in pesos
Term:	5 years	10 years	15 years	30 years
Rate:	CPI + 3.79%	CPI + 4.60%	CPI + 4.90%	CPI + 5.15%
Amount (millions):	COP$120,950	COP$168,600	COP$347,500	COP$262,950

b) Issuance of international debt bonds:

· Principal Amount: US$2,500 million.

· Date ofissuance: September 18, 2013.

· Amortization: at maturity.

Summary of Ecopetrol S.A. external public debt bonds
Term:	5 years	10 years	30 years
Amount:	US$350 million	US$1,300 million	US$850 million
Coupon rate	4.250%	5.875%	7.375%
Interest payment date:	March 18 and September 18, beginning March 18, 2014	March 18 and September 18, beginning March 18, 2014	March 18 and September 18, beginning March 18, 2014
Maturity date:	September 18, 2018	September 18, 2023	September 18, 2043

h. Risk rating

The following are the risk ratings in local and foreign currency of Ecopetrol S.A. as of September 30, 2013.

Currency	Agency	Rating	Outlook	Latest update
	Standard & Poor´s	BBB	Stable	April 2013
Foreign	Fitch Ratings	BBB-	Positive	March 2013
	Moody´s	Baa2	Stable	January 2013
Local	Fitch Ratings	AAA	Stable	August 2013

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II. Consolidated Financial Results²

Consolidated Income Statement              

(COP$ Billion)	3Q 2013*			3Q 2012			∆ ($)			∆ (%)			Jan-Sep 2013*			Jan-Sep 2012			∆ ($)			∆ (%)
Local Sales		6,260.2			5,335.4			924.8			17.3	%		17,690.2			16,283.4			1,406.8			8.6	%
Export Sales		11,316.0			10,632.4			683.6			6.4	%		33,092.0			33,227.4			(135.4	)		(0.4	%)
Sales of services		551.0			588.9			(37.9	)		(6.4	%)		1,686.3			1,583.0			103.3			6.5	%
Total Sales		18,127.2			16,556.7			1,570.5			9.5	%		52,468.5			51,093.8			1,374.7			2.7	%
Variable Costs		8,689.3			7,842.8			846.5			10.8	%		24,462.3			23,103.1			1,359.2			5.9	%
Fixed Costs		2,534.5			2,386.6			147.9			6.2	%		7,073.6			6,426.4			647.2			10.1	%
Cost of Sales		11,223.8			10,229.4			994.4			9.7	%		31,535.9			29,529.5			2,006.4			6.8	%
Gross profit		6,903.4			6,327.3			576.1			9.1	%		20,932.6			21,564.3			(631.7	)		(2.9	%)
Operating Expenses		759.4			1,155.2			(395.8	)		(34.3	%)		3,307.5			3,545.2			(237.7	)		(6.7	%)
Operating Profit		6,144.0			5,172.1			971.9			18.8	%		17,625.1			18,019.1			(394.0	)		(2.2	%)
Non Operating Profit/Loss		273.1			(186.3	)		459.4			(246.6	%)		195.8			(634.6	)		830.4			(130.9	%)
Income tax		2,352.7			1,595.5			757.2			47.5	%		6,609.6			5,850.6			759.0			13.0	%
Minority interest		203.7			163.2			40.5			24.8	%		531.3			375.7			155.6			41.4	%
Net Income		3,860.7			3,227.1			633.6			19.6	%		10,680.0			11,158.2			(478.2	)		(4.3	%)
EBITDA		7,999.7			6,643.1						20.4	%		23,112.3			22,640.7			471.6			2.1	%
EBITDA Margin		44	%		40	%								44	%		44	%

* Not audited

Some 2012 figures were reclassified for the sake of comparison with 2013 figures 

Consolidated Balance Sheet

(COP$ Billion)	September 30, 2013		June 30, 2013		∆ $		Δ (%)
Current Assets		32,210.2		23,859.3		8,350.9		35.0	%
Long Term Assets		94,009.7		90,461.6		3,548.1		3.9	%
Total Assets		126,219.9		114,320.9		11,899.0		10.4	%
Current Liabilities		25,294.8		24,462.7		832.1		3.4	%
Long Term Liabilities		33,331.9		26,873.5		6,458.4		24.0	%
Total Liabilities		58,626.7		51,336.2		7,290.5		14.2	%
Equity		64,589.2		60,011.6		4,577.6		7.6	%
Minority interest		3,004.0		2,973.1		30.9		1.0	%
Total Liabilities and Equity		126,219.9		114,320.9		11,899.0		10.4	%
Debit Memorandum accounts		154,295.3		153,520.2
Credit Memorandum accounts		134,619.7		128,739.6

Some 2012 figures were reclassified for the sake of comparison with 2013 figures     

The highest contributions tototal sales among individual subsidiaries (without the effect of eliminations) in the third quarter of 2013 came from Reficar with COP$1,531 billion, Hocol Petroleum Limited with COP$995 billion, Ocensa with COP$648 billion, Equión Energía Limited with COP$461 billion, Propilco S.A. with COP$409 billion, and Ecopetrol America Inc with COP$225 billion.

²For purposes of consolidation of the third quarter, besides Ecopetrol, S.A. results, those of the following subsidiaries have been included:

Ecopetrol Oleo e Gas Do Brasil, Ecopetrol América Inc, Ecopetrol del Perú S.A., Hocol S.A., Hocol Petroleum Limited, 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, Oleoducto Bicentenario, Ecopetrol Capital A.G., Equión Energía Limited, Ecopetrol Global Capital SLU, Cenit Transporte and Logística de Hidrocarburos S.A.S. (“Cenit”).

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Thehighest income in each of the companies of the group came from Ocensa with COP$338 billion, Cenit with COP$318 billion, Equión Energía Limited with COP$145 billion, Hocol Petroleum Limited with COP$105 billion, ODL Finance S.A. with COP$102 billion and ODC with COP$29 billion. The largest losses were reported by Reficar with COP$134 billion, Ecopetrol América Inc. with COP$62 billion, and Ecopetrol Oleo e Gas do Brasil with COP$24 billion.

The increase in Reficar’s losses was the result of a shutdown at the crude plant, which affected use of the viscosity reduction and cracking units. In addition, the light feedstock available forced a reduction in crude throughput.

Ecopetrol del Perú S.A., Ecopetrol Oleo e Gas do Brasil, Ecopetrol América Inc. and Bioenergy S.A. have not reported earnings yet either because they are in the pre-operating stage or are conducting exploratory activities with no production (with the exception of Ecopetrol América Inc.).

In transport, the consolidation of all affiliates is being carried out at the business group level. Therefore, the financial information presented by Cenit corresponds to this company individually, while the equity method is used for the income of the other transport companies of the business group whose assets have already been transferred to Cenit.

According to the equity method, Offshore International Group had an income of COP$12.1 billion, Invercolsa of COP$4.6 billion, Ecodiesel of COP$2.6 billion and Transgas of COP$1.5 billion.

EBITDAfor third quarter 2013 was COP$8.000 billion, equivalent toEBITDA margin of 44%.

a. Segment results

Quarterly Results by Segment	E&P						Refining & Petrochem.						Transportation and Logistics
COP$ Billion	3Q 2013			3Q 2012			3Q 2013			3Q 2012			3Q 2013			3Q 2012
Local Sales		2,229			2,757			5,472			5,228			61			295
Export Sales		10,698			9,984			1,656			1,991			9			3
Sales of services		15			72			42			6			1,523			794
Total Sales		12,942			12,813			7,170			7,225			1,593			1,092
Variable Costs		5,543			5,591			6,845			6,542			202			137
Fixed Costs		1,358			1,320			514			391			654			676
Cost of Sales		6,901			6,911			7,359			6,933			856			813
Gross profit		6,041			5,902			(189	)		292			737			279
Operating Expenses		391			863			258			159			111			134
Operating Profit		5,650			5,039			(447	)		133			626			145
Non Operating Loss		125			1			(52	)		(113	)		169			46
Income tax benefits (expense)		(2,114	)		(1,609	)		78			48			(317	)		(34	)
Minority interest		(71	)		(99	)		0			0			(133	)		(64	)
Net Income		3,590			3,332			(421	)		68			345			93
EBITDA		7,163			6,404			(150	)		281			676			228
EBITDA Margin		55.3	%		50.0	%		(2.1	%)		3.9	%		42.5	%		20.8	%

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Accumulated results by segment	E&P						Refining & Petrochem.						Transportation and Logistics
COP$ Billion	Jan-Sep 13			Jan-Sep 12			Jan-Sep 13			Jan-Sep 12			Jan-Sep 13			Jan-Sep12
Local Sales		6,550			7,983			16,003			15,787			431			881
Export Sales		30,951			31,446			5,773			5,852			15			4
Sales of services		59			153			105			23			3,990			2,244
Total Sales		37,560			39,582			21,881			21,662			4,436			3,129
Variable Costs		14,894			15,446			20,466			20,025			409			321
Fixed Costs		3,853			3,583			1,360			1,159			1,871			1,685
Cost of Sales		18,747			19,029			21,826			21,184			2,280			2,006
Gross profit		18,813			20,553			55			478			2,156			1,123
Operating Expenses		1,865			2,200			880			850			562			495
Operating Profit		16,948			18,353			(825	)		(372	)		1,594			628
Non Operating Profit/Loss		368			(293	)		(322	)		(88	)		148			(111	)
Income tax benefits (expense)		(6,146	)		(5,949	)		320			231			(784	)		(133	)
Minority interest		(190	)		(296	)		1			1			(342	)		(81	)
Net Income		10,980			11,815			(826	)		(228	)		616			303
EBITDA		21,525			22,113			(89	)		448			1,772			1,126
EBITDA Margin		57.3	%		55.9	%		(0.4	%)		2.1	%		40.0	%		36.0	%

Exploration and Production

Revenue of the third quarter of 2013 increased by 1% compared to the same period last year thanks to a 2% recovery in the average export price and a 5.3% increase in crude production.

Cost of sales in the third quarter remained stable due to: 1) a 1% reduction in variable costs, a lower royalty volume and larger inventories, offset by higher transport costs associated with the payment to Ocensa and ODC of fees authorized by the Ministry of Mines and Energy; 2) a 3% increase in fixed costs due to increased operations with associated companies, especially in the Quifa and Rubiales fields, where growth in production and water treatment impacted energy costs, chemical treatment and the use of tanker trucks.

Operating expenditures fell by 55% due to re-estimations of lawsuit provisions during third quarter 2013.

Non-operating income increased in the third quarter of 2013 on account of higher earnings recorded from the recovery of pension provisions.

The income tax expenditure of the third quarter of the year was 31% higher than that of the same period of last year, due to improved results and a higher effective tax rate.

Finally, net income increased by 8% and EBITDA increased by 12%, compared with the third quarter of 2012.

Refining and Petrochemicals³

Revenues decreased 1% from the same period last year, due mainly to a decline in Reficar sales owing to the shutdowns at the crude, viscosity reduction and cracking units during the quarter.

³Figures of 2013 includes Reficar´s results for the period January-September of 2013, while for 2012 includes Reficar´s results for the period January-August of 2012 -as reported in the press release of the third quarter of 2012-. For such reason, segment results for the semesters are not comparable.

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The segment’s cost of sales during the third quarter of 2013 was 6% higher than in the same period of 2012, due principally to: 1) an increase in imports of refined products for meeting local demand and 2) the effect of the Tax Reform in the treatment of VAT (non-deductible VAT) on fixed costs.

Operating expenses were up 62% largely because of increased provisions for the payment of pensions in Ecopetrol S.A.

Total non-operating expenditure in the third quarter of 2013 was lower than the same period last year, primarily due to the lower retiree expenses, higher income due to recovery of provisions and lower social expenses.

Finally, the segment recorded a higher net loss and a lower EBITDA, primarily the result of Reficar’s lower operating results.

Transport

In the transport segment, earnings in the third quarter of 2013 increased by 46%, from COP$1.09 trillion to COP$1.59 trillion, owing largely to the fact that Ocensa and ODC (Oleoducto de Colombia) are operating as profit units and are charging commercial fees for the use of the infrastructure. Also contributing to the increase was a larger volume of crude transported, mainly by Oleoducto de Colombia, Oleoducto de los Llanos and the Ayacucho-Coveñas system.

Cost of sales increased 5% led by higher variable costs, mainly from the larger transported volume and the increase in the volume of transported heavy crude. The increases in costs were partially offset by lower fixed costs, mainly due to a lower depreciation in the Ocensa pipeline owing to the completion of depreciation of the system’s main assets.

Non-operating income improved compared to the third quarter of 2012 due primarily to the reduction in the impact of financial expenses registered in the third quarter by Ocensa as a result of the devaluation of the peso/dollar exchange rate.

Net income in the third quarter of 2013 was COP$345 billion, an increase of COP$251 billion compared with the same period last year. EBITDA amounted to COP$676 billion in the third quarter of 2013.

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III. Operating Results

a. Investment plan

Ecopetrol´s Capex:

Capex (US$ million)
Business Segment	3Q 2013		Allocation by segment			Jan-Sep 2013		Allocation by segment
Exploration		119.9		6.8	%		265.3		5.3	%
Production		703.5		39.9	%		2,304.6		46.4	%
Refining and Petrochemicals		88.9		5.0	%		202.5		4.1	%
Transportation*		173.4		9.8	%		508.1		10.2	%
Supply and Marketing		0.3		0.0	%		0.9		0.0	%
Subsidiaries**		598.5		34.0	%		1,558.0		31.4	%
Acquisitions		3.8		0.2	%		7.2		0.1	%
Corporate		74.4		4.2	%		115.4		2.3	%
Total		1,762.7		100.0	%		4,962.0		100.0	%

* These investments are recovered as costs that Cenit reimburses Ecopetrol

** Ecopetrol S.A. investments in subsidiaries, does not correspond to the total amount invested by these companies.

Ecopetrol´s capex from January to September 2013 amounted to US$4,962 million, and was allocated as follows: 1) Production (46.4%): drilling and workover; 2) contributions to affiliate and subsidiaries (31.4%): Reficar modernization project; and 3) Transport (10.2%): investment in San Fernando – Monterrey and Mid Magdalena pipelines.

b. Exploration

Exploration in Colombia:

Ecopetrol S.A.:

Drilling in Colombia (A3) Ecopetrol S.A.
3Q 2013					Jan-Sep 2013
Type of well	Number of wells	Hydrocarbon Presence*	In evaluation	Dry	Number of wells	Hydrocarbon Presence*	In evaluation	Dry
A3	2	1	1	0	6	4	1	1

*geological success

During the third quarter 2013, Ecopetrol drilled five stratigraphic and eight appraisal wells (A1). At the close of the quarter, the exploratory well Goliat was being drilled as well as the stratigraphic wells Estracasu-3 and Iwana 1.

The following is a summary of successful exploratory well drilling in the third quarter 2013:

Ecopetrol S.A.
Type of well	Basin	Block	Well	Result
A3	Llanos	CPO-10	Guainiz-1	Hydrocarbon presence

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Hocol S.A.:

Drilling in Colombia (A3) Hocol S.A.
3Q 2013					Jan-Sep 2013
Type of well	Number of wells	Hydrocarbon Presence*	In evaluation	Dry	Number of wells	Hydrocarbon Presence*	In evaluation	Dry
A3	0	0	0	0	2	1	1	0

*geological success

During the third quarter of 2013, three stratigraphic and one appraisal well were drilled.

International exploration:

Ecopetrol América Inc:

During the third quarter of 2013, the drilling of the well Odd Job (operated by ENI and in which Ecopetrol’s interest is 20%) was completed and is undergoing evaluation. At the end of the quarter, the company was drilling the exploratory wells Deep Nansen (operated by Anadarko and in which Ecopetrol has 15% interest) and Madagascar (operated by Marathon Oil and in which Ecopetrol’s interest is 30%).

Savia:

At the end of the quarter, the company was drilling the exploratory well Colán 2x in Peru.

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c. Production

Ecopetrol´s gross production (including interests in affiliates and subsidiaries)

Ecopetrol S.A. gross oil and gas production (mboed)	3Q 2013		3Q 2012		∆ (%)			∆ (bls)		Jan-Sep 2013		Jan-Sep 2012		∆ (%)			∆ (bls)
Crude Oil		620.9		583.6		6.4	%		37.3		616.1		586.7		5.0	%		29.4
Natural Gas*		133.3		108.7		22.6	%		24.6		128.5		110.1		16.7	%		18.4
Total		754.2		692.3		8.9	%		61.9		744.6		696.8		6.9	%		47.8

Hocol (mboed)	3Q 2013		3Q 2012		∆ (%)			∆ (bls)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)			∆ (bls)
Crude Oil		20.6		23.4		(12.0	%)		(2.8	)		20.9		25.6		(18.4	%)		(4.7	)
Natural Gas		0.2		0.1		100.0	%		0.1			0.2		0.3		(33.3	%)		(0.1	)
Total		20.8		23.5		(11.5	%)		(2.7	)		21.1		25.9		(18.5	%)		(4.8	)

Savia (mboed)	3Q 2013		3Q 2012		∆ (%)			∆ (bls)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)			∆ (bls)
Crude Oil		5.2		6.1		(14.8	%)		(0.9	)		5.0		6.1		(18.0	%)		(1.1	)
Natural Gas		1.1		1.6		(31.3	%)		(0.5	)		0.9		1.4		(35.7	%)		(0.5	)
Total		6.3		7.7		(18.2	%)		(1.4	)		5.9		7.5		(21.3	%)		(1.6	)

Equion (mboed)	3Q 2013		3Q 2012		∆ (%)			∆ (bls)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)			∆ (bls)
Crude Oil		9.6		10.4		(7.7	%)		(0.8	)		10.1		10.8		(6.5	%)		(0.7	)
Natural Gas		7.8		7.7		1.3	%		0.1			7.4		7.2		2.8	%		0.2
Total		17.4		18.1		(3.9	%)		(0.7	)		17.5		18.0		(2.8	%)		(0.5	)

Ecopetrol America-K2 (mboed)	3Q 2013		3Q 2012		∆ (%)			∆ (bls)		Jan-Sep 2013		Jan-Sep 2012		∆ (%)			∆ (bls)
Crude Oil		1.5		1.3		15.4	%		0.2		1.4		1.7		(17.6	%)		(0.3	)
Natural Gas		0.2		0.2		0.0	%		0.0		0.2		0.2		0.0	%		0.0
Total		1.7		1.5		13.3	%		0.2		1.6		1.9		(15.8	%)		(0.3	)

Ecopetrol including affiliates and subsidiares	3Q 2013		3Q 2012		∆ (%)			∆ (bls)		Jan-Sep 2013		Jan-Sep 2012		∆ (%)			∆ (bls)
Crude Oil		657.8		624.8		5.3	%		33.0		653.5		630.9		3.6	%		22.6
Natural Gas		142.6		118.3		20.5	%		24.3		137.2		119.2		15.1	%		18.0
Total Group's production		800.4		743.1		7.7	%		57.3		790.7		750.1		5.4	%		40.6

* Gas production includes white products

During the third quarter of 2013 the equivalent gross crude oil and natural gas production (including royalties) of Ecopetrol (including interests in affiliates and subsidiaries) increased 7.7% compared with the same period of last year.

Average production in main fields (interest of Ecopetrol)
mboed
100% ECP Assets	3Q 2013		3Q 2012		Δ (%)			Jan-Sep 2013		Jan-Sep 2012		Δ (%)
Castilla		112.0		108.4		3.4	%		115.6		110.5		4.6	%
Chichimene		57.4		42.6		34.6	%		53.8		43.2		24.5	%
Apiay		23.2		22.1		4.8	%		23.1		21.2		8.8	%
Assets in partnership
Rubiales		120.8		99.2		21.7	%		120.8		99.2		21.8	%
Quifa		37.8		22.7		66.2	%		31.7		22.2		42.7	%
La Cira-Infantas		23.1		22.9		1.0	%		23.0		21.7		6.2	%
Nare		17.1		15.4		11.3	%		17.2		16.1		6.5	%

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Ecopetrol S.A. production:

Heavy crude oil production increased its share to 57% during January to September of 2013 (compared to 51% in same the period of 2012). Light and medium crude production dropped compared to 2012, mainly due to the larger declines in fields.

Production per type of crude*
mbod
	3Q 2013		3Q 2012		Δ (%)			Jan-Sep 2013		Jan-Sep 2012		Δ (%)
Light		47.5		57.7		(17.6	%)		49.8		61.2		(18.6	%)
Medium		215.4		229.2		(6.0	%)		216.2		227.7		(5.0	%)
Heavy		358.0		296.7		20.7	%		350.1		297.7		17.6	%
Total		620.9		583.6		6.4	%		616.1		586.6		5.0	%

*Does not include subsidiary companies

Lifting cost of Ecopetrol S.A.:

Lifting cost per barrel (produced by Ecopetrol S.A.) in the January-September 2013 period was US$10.65 (based on the U.S. SEC methodology, which does not include royalties), US$0.13 per barrel less that in the same period of last year. This change was the net result of:

· Higher costs from: 1) management and disposal of water; 2) the increase in subsoil operations (well service); and 3) application of the windfall profit clause which increased the cost of partnership operations: +US$0.80 / barrel.

· Lower costs from devaluation of the Colombian peso / U.S. dollar exchange rate (-US$0.35 / barrel).

· Lower costs from higher production: -USD0.58 / barrel.

Production of subsidiaries and companies with equity interest:

During third quarter 2013, the production fell due to:

· Hocol : Decline in the basic production curve of the Ocelote field.

· Equión : Decline in the basic production curve of the Piedemonte, Cusiana and Recetor fields.

· Savia: Decline in the basic production curve of the field Lobitos, and delay in workovers and development campaigns.

d. Refining

d.1) Barrancabermeja Refinery:

	3Q 2013			3Q 2012			∆ (%)			Jan-Sep 2013			Jan-Sep 2012			∆ (%)
Refinery runs* (mbod)		217.1			235.7			(7.9	%)		217.9			218.1			(0.1	%)
Utilization factor (%)		80.2	%		83.4	%		(3.8	%)		81.4	%		75.8	%		7.4	%

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

Both the refinery´s throughput and the utilization factor in the third quarter of 2013 decreased compared to the same period of last year because of lower availability of light crudes.

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At the end of the third quarter of 2013, the modernization project was 16.96% complete. During that quarter, ANLA approved the “Environmental Management Plan”. In addition, on September 16, the scheduled turnaround of the U-250 crude unit began and will last for approximately 84 days.

The Industrial Services Master Plan was 75% complete as of September 30, 2013.

Costs and margins of the Barrancabermeja Refinery

The cash operating cost of the refinery for the period from January to September 2013 was US$7.02 per barrel, US$0.84 per barrel more that in the same period of last year, which was the result of:

· Higher costs from scheduled tornarounds: +US$1.04 per barrel.

· Higher costs from lower throughput at the refinery: +US$0.03 per barrel.

· Devaluation of the Colombian peso / U.S. dollar exchange rate: -US$0.23 per barrel.

	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
Refining Margin (USD/bl)		10.2		13.9		(26.6	%)		11.9		11.0		8.2	%

Gross refining margin in the third quarter of 2013 decreased compared to the same period of last year, owing to: 1) lower yields of valuable products (gasoline and diesel) caused by the use of heavier feedstock in the lower availability of light crudes; and 2) lower crack spreads of heavy crude oils and products.

d.2)Reficar (Cartagena Refinery):

	3Q 2013			3Q 2012			∆ (%)			Jan-Sep 2013			Jan-Sep 2012			∆ (%)
Refinery runs* (mbod)		56.5			74.1			(23.8	%)		68.2			73.6			(7.3	%)
Utilization factor (%)		58.6	%		78.6	%		(25.4	%)		74.4	%		66.8	%		11.4	%

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

Both the throughput and utilization factor of the refinery in the third quarter of 2013 decreased due to the turnaround at the crude plant that affected the use of the viscosity - reduction and cracking units. In addition, there was a lower availability of required feedstock for the refinery.

	3Q 2013			3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
Refining Margin (USD/bl)		(0.4	)		5.7		(107.0	%)		3.4		5.6		(39.3	%)

Gross refining margin in the third quarter of 2013 decreased compared to the same period of last year due to a reduction in product yield because of the shutdown at the cracking and viscosity reduction plants, which have been out of service since August 30 in order to facilitate the delivery of the new refinery under safe operational conditions.

As of September 30, 2013, the expansion and modernization project was 83.1% complete. The progress in each of the work streams was as follows:

Work Streams	Percentage Complete
Detail engineering		100.0	%
Procurement		99.4	%
Module construction		100.0	%
Construction		57.6	%

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e. Transportation

Transported volumes (mbod)	3Q 2013		3Q 2012		∆ (%)			Jan-Sep 2013		Jan-Sep 2012		∆ (%)
Crude		931.6		895.9		4.0	%		943.9		912.2		3.5	%
Refined Products		242.6		242.2		0.2	%		240.2		234.2		2.6	%
Total		1,174.2		1,138.1		3.2	%		1,184.1		1,146.4		3.3	%

In the third quarter of 2013, the total volume of crude transported by Cenit´s pipelines increased 4% in comparison to the same period in 2012, primarily due to the larger volumes transported through the Ayacucho-Coveñas system and the Oleoducto de Colombia. Out of the total volume of crude transported by oil pipeline, approximately 78% was owned by Ecopetrol.

As for refined products, the volumes transported during the third quarter of the year remained stable compared to the same period last year, which was the net result of: 1) a reduction in the volumes transported by the Galán-Sebastopol system and 2) an increase in volume transported by the Galán-Bucaramanga, Buenaventura-Yumbo and Cartagena-Barranquilla systems. Of the total volume transported by multipurpose pipelines, approximately 44% corresponds to naphtha and other products owned by Ecopetrol.

Project progress:

· Bicentenario Oil Pipeline: On October 3, 2013, the filling of the oil pipeline was completed and it was ready to begin operations.

· San Fernando – Monterrey: Mechanical construction work was completed, allowing for a future increase in the capacity of the Apiay-Monterrey section of 280 mbod. The section is expected to begin operations during the fourth quarter of 2013.

· Costa Norte – Galán: Direct pumping from Pozos Colorados to Sebastopol, without having to enter the Barrancabermeja Refinery.

Cost per barrel transported:

Ecopetrol’s cost per barrel transported from January to September of 2013 was US$5.86 per barrel, which, compared to the results of US$3.65 per barrel during the same period last year, increase of US$2.21 per barrel, which was the result of:

· Higher costs from: 1) the change in model of the Oil Pipeline companies from Cost Centers to Benefit Centers and, 2) greater utilization and rates of tank cars: +US$2.51/barrel.

· Lower costs due to the higher volumes transported: -US$0.11/barrel.

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· Lower costs associated with the devaluation of the Colombian peso against the U.S. dollar:-US$0.19/barrel.

f. Biofuels

Ecodiesel Colombia S.A.:

Biofuel production in the third quarter of 2013 was 29,922 tons, a 2% increase in production compared to the third quarter of last year due to greater operating efficiency at the plant.

Bioenergy S.A.:

As of September 30, 2013, the Bioenergy project reached 73.5% progress (74.9% in the industrial stream and 70.3% in the agricultural stream).

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IV. Organizational Consolidation and Corporate Governance

a. Organizational consolidation

Health, safety and environment performance:

HSE*	3Q 2013		3Q 2012		Jan-Sep 2013		Jan-Sep 2012
Accident frequency index (accidents per million labor hours)		0.50		0.65		0.75		0.84
Environmental incidents		12		6		22		23

*Indicator results are subject to change after the end of the quarter given that certain accidents and incidents could be reclassified depending on the final results of the investigations.

The third quarter of 2013 was marked by an all-time low in the frequency accident index. However there was one fatality in the Cartagena refinery-

Science and technology:

During the third quarter of 2013, two patents were granted to Ecopetrol for refining processes:

· Colombia: “Process for modification of zeolite by incorporating phosphorus in the crystalline structure and catalysts for oligomerization of olefins.”

· China: “Process for reduction of vanadium traps via Impregnation and the vanadium trap produced by that process.”

b. Corporate responsibility

Dow Jones Sustainability Index:

For a third straight year in a row, Ecopetrol S.A. was included in the Dow Jones World Sustainability Index. Ecopetrol S.A. continues to be one of the top 10% of companies with the highest sustainability performance out of a total of 2,500 publicly traded companies that are part of the Dow Jones world index.

Stakeholders:

During the third quarter of 2013, the fourth corporate responsibility forum was held, “Transparency in a sustainable environment,” that took place in Villavicencio and in Cartagena with the participation of close to 600 workers.

c. Corporate governance

Board of directors changes:

Due to his appointment as Minister of Mines and Energy, Mr. Amilcar Acosta resigned to the Board of Directors of Ecopetrol S.A. as an independent director representing the Hydrocarbon Producer Provinces. Mr. Acosta will remain as a non-independent director, pursuant to his appointment as Minister of Mines and Energy, replacing Mr. Federico Rengifo Velez, who will no longer serve in the Board of Directors.

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V. Third Quarter Results Conference Calls

Ecopetrol’s management will hold two webcasts to review the third quarter 2013 results:

Spanish	English
October 31, 2013	October 31, 2013
9:00 a.m. Bogota	10:30 a.m. Bogota
10:00 a.m. New York / Toronto	11:30 a.m. New York / Toronto

The webcast will be available on Ecopetrol’s website:www.ecopetrol.com.co

Please access the site 10 minutes in advance 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, profit, assets and net equity. Ecopetrol is the only vertically integrated crude oil and natural gas company with operations in Colombia, Brazil, Peru and the U.S. Gulf Coast. Its subsidiaries include: Andean Chemicals Limited, Bioenergy S.A., Bioenergy Zona Franca S.A.S., Black Gold Re Ltd., Cenit Transporte y Logística de Hidrocarburos S.A.S., Comai, Ecopetrol América Inc., Ecopetrol del Perú S.A., Ecopetrol Oleo e Gas do Brasil Ltda, Ecopetrol Capital A.G., Ecopetrol Global Energy, Ecopetrol Global Capital S.L.U., Ecopetrol Pipelines International, Equión Energía Limited, Hocol Petroleum Limited, Hocol S.A., ODL Finance S.A., ODL S.A., Propilco S.A., Oleoducto Bicentenario de Colombia S.A.S., Ocensa S.A., Oleoducto de Colombia, Refinería de Cartagena S.A., Santiago Oil Company and Colombia Pipelines Limited. 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 symbol ECOPETROL, on the New York Stock Exchange under the ticker EC, and on the Toronto Stock Exchange (TSX) under the symbol ECP. The company has three business segments: 1) exploration and production 2) transport and 3) refining and petrochemicals.

Forwarding-Looking Statements

This news release may contain forward-looking statements related to the prospects of the business, estimate for operating and financial results, and growth forecasts for Ecopetrol. These are projections, and, as such, are based solely on the expectations of management with regard to the company’s future and its continuous use of capital to finance the company’s investment plan. Such forward-looking statements depend essentially on changes in market conditions, government regulations, competitive pressures, performance of the Colombian economy and the industry, among others; 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

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VI. Additional Exhibits

Unaudited Income Statement 

   Ecopetrol S.A.

COP$ Million
	3Q 2013*			3Q 2012			2Q 2013*			Jan-Sep 2013*			Jan-Sep 2012
Income
Local Sales		5,244,245			4,395,549			4,756,710			14,729,405			13,622,450
Export Sales		9,306,732			8,094,825			8,955,103			26,510,016			25,690,558
Sales to free trade zone		1,123,793			1,297,320			1,211,472			3,744,799			3,940,270
Sale of Services		543,687			441,097			399,418			1,328,754			1,216,947
Total Income		16,218,457			14,228,791			15,322,703			46,312,974			44,470,225
Cost of Sales
Variable Costs
Purchase of Hydrocarbons		2,985,998			3,418,725			2,852,647			9,232,248			10,521,991
Amortization and Depletion		1,003,542			869,647			926,571			2,736,280			2,421,086
Imported products		2,611,717			1,413,346			1,829,500			6,376,474			5,154,705
Hydrocarbon Transportation Services		1,315,186			479,219			1,245,019			3,282,980			1,477,459
Inventories and other		179,953			642,887			759,872			863,229			318,324
Fixed Costs
Depreciation		327,143			335,018			285,711			970,327			948,459
Contracted Services		782,251			658,733			735,225			2,070,873			1,767,171
Maintenance		403,608			412,461			369,852			1,066,708			963,222
Labor Costs		289,301			253,222			308,956			887,538			758,309
Other		301,559			281,968			333,767			872,919			709,148
Total Cost of Sales		10,200,258			8,765,226			9,647,120			28,359,576			25,039,874
Gross Profits		6,018,199			5,463,565			5,675,583			17,953,398			19,430,351
Operating Expenses
Administration		162,142			149,130			169,793			487,254			452,318
Selling and operational expenses		206,714			654,317			526,667			1,623,326			1,979,667
Exploration and Projects		151,763			109,543			72,027			292,859			367,638
Operating Income/Loss		5,497,580			4,550,575			4,907,096			15,549,959			16,630,728
Non Operating Income (expenses)
Financial Income		746,666			646,260			768,691			2,334,371			3,212,712
Financial Expenses		(734,142	)		(553,118	)		(739,006	)		(2,064,026	)		(3,199,755	)
Interest expenses		(95,166	)		(94,198	)		(104,843	)		(285,749	)		(272,609	)
Non Financial Income		434,431			97,576			241,950			726,675			223,253
Non Financial Expenses		(172,585	)		(249,492	)		(221,729	)		(589,476	)		(661,897	)
Results from Subsidiaries		347,780			311,150			279,510			780,969			721,765
Income before income tax		6,024,564			4,708,753			5,131,669			16,452,723			16,654,197
Provision for Income Tax		2,050,732			1,461,104			1,877,863			5,729,401			5,388,017
Minority interest
Net Income		3,973,832			3,247,649			3,253,806			10,723,322			11,266,180
EBITDA		8,181,059			6,523,436			7,302,086			23,229,100			22,566,722
EBITDA MARGIN		50	%		46	%		48	%		50	%		51	%
EARNINGS PER SHARE	$	96.65		$	78.99		$	79.13		$	260.80		$	274.00

* Unaudited 

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

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Unaudited Income Statement 

Ecopetrol Consolidated 

COP$ Million
	3Q 2013*			3Q 2012			2Q 2013*			Jan-Sep 2013*			Jan-Sep 2012
Income
Local Sales		6,260,231			5,335,365			5,691,809			17,690,172			16,283,352
Export Sales		11,315,967			10,632,363			11,296,542			33,092,002			33,227,421
Sale of Services		551,011			588,946			607,297			1,686,311			1,583,044
Total Income		18,127,209			16,556,674			17,595,648			52,468,485			51,093,817
Cost of Sales
Variable Costs
Purchase of Hydrocarbons		3,385,741			3,598,686			3,149,520			10,541,554			12,125,279
Amortization and Depletion		1,075,074			1,009,333			1,062,586			3,074,770			2,874,574
Imported products		3,508,166			2,004,992			2,502,583			8,555,824			6,980,943
Hydrocarbon Transportation Services		433,346			125,912			532,010			1,259,591			751,057
Inventories and other		286,935			1,103,893			769,533			1,030,572			371,282
Fixed Costs
Depreciation		473,219			495,401			426,633			1,325,482			1,414,485
Contracted Services		774,288			645,692			751,108			2,085,889			1,797,920
Maintenance		485,783			494,903			452,060			1,307,869			1,216,032
Labor Costs		309,046			274,959			328,989			947,679			814,372
Other		492,203			475,616			517,400			1,406,714			1,183,560
Total Cost of Sales		11,223,801			10,229,387			10,492,422			31,535,944			29,529,504
Gross Profits		6,903,408			6,327,287			7,103,226			20,932,541			21,564,313
Operating Expenses
Administration		212,700			210,919			317,246			754,377			684,145
Selling and operational expenses		289,818			598,113			575,712			1,860,751			2,015,110
Exploration and Projects		256,858			346,130			283,073			692,348			845,951
Operating Income/Loss		6,144,032			5,172,125			5,927,195			17,625,065			18,019,107
Non Operating Income (expenses)
Financial Income		1,006,251			35,947			1,072,665			3,013,121			3,984,027
Financial Expenses		(844,156	)		66,783			(987,503	)		(2,540,593	)		(3,783,414	)
Interest expenses		(124,368	)		(137,064	)		(144,251	)		(394,162	)		(415,243	)
Non Financial Income		442,833			125,444			249,356			760,639			292,143
Non Financial Expenses		(207,421	)		(277,365	)		(235,930	)		(643,158	)		(712,100	)
Income before income tax		6,417,171			4,985,870			5,881,532			17,820,912			17,384,520
Provision for Income Tax		2,352,725			1,595,481			2,262,057			6,609,586			5,850,569
Minority interest		203,658			163,234			211,890			531,328			375,713
Net Income		3,860,788			3,227,155			3,407,585			10,679,998			11,158,238
EBITDA		7,999,725			6,643,070			7,516,080			23,112,285			22,640,720
EBITDA MARGIN		44	%		40	%		43	%		44	%		44	%

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. 

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

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27

Balance Sheet

Unaudited

	Ecopetrol S.A.				Ecopetrol Consolidated
COP$ Million	September 30, 2013		June 30, 2013		September 30, 2013		June 30, 2013
Assets
Current Assets
Cash and cash equivalents		6,751,193		2,773,625		11,620,114		6,747,229
Investments		3,505,309		767,307		4,171,440		1,693,367
Accounts and notes receivable		6,659,034		6,444,633		5,939,591		5,473,970
Inventories		2,501,544		2,326,607		3,030,178		2,857,239
Other		6,411,846		5,681,378		7,448,897		7,087,479
Total Current Assets		25,828,926		17,993,550		32,210,220		23,859,284
Non Current Assets
Investments		29,551,970		28,245,109		2,095,115		2,306,896
Accounts and notes receivable		1,588,628		1,572,514		508,702		494,725
Property, plant and equipment, net		19,338,053		18,129,412		42,737,313		40,201,203
Natural and environmental properties, Net		15,507,509		15,488,365		19,216,838		19,008,384
Resources delivered to administration		307,015		312,984		459,433		346,037
Other		17,473,539		16,682,666		28,992,324		28,104,428
Total Non Current Assets		83,766,714		80,431,050		94,009,725		90,461,673
Total Assets		109,595,640		98,424,600		126,219,945		114,320,957
Liabilities and Equity
Current Liabilities
Financial obligations		197,450		118,064		828,586		694,180
Accounts payable and related parties		14,068,292		15,586,753		15,192,306		16,577,552
Estimated liabilities and provisions		1,181,919		1,273,755		2,190,029		2,432,825
Other		5,928,649		3,970,093		7,083,919		4,758,109
Total Current Liabilities		21,376,310		20,948,665		25,294,840		24,462,666
Long Term Liabilities
Financial obligations		11,796,963		5,833,187		21,081,604		14,588,586
Labor and pension plan obligations		4,090,549		4,257,292		4,095,481		4,262,225
Estimated liabilities and provisions		4,184,757		4,187,209		4,344,392		4,351,374
Other		2,895,443		2,721,679		3,810,445		3,671,364
Total Long Term Liabilities		22,967,712		16,999,367		33,331,922		26,873,549
Total Liabilities		44,344,022		37,948,032		58,626,762		51,336,215
Minority Interest								2,973,127
Equity		65,251,618		60,476,568		64,589,165		60,011,615
Total Liabilities and Shareholders' Equity		109,595,640		98,424,600		126,219,945		114,320,957
Memorandum Debtor Accounts *		142,411,648		141,851,796		154,295,305		153,520,173
Memorandum Creditor Accounts *		129,520,719		128,626,927		134,619,675		128,739,594

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.

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28

 Unaudited  Cash Flow  Statement 

 Ecopetrol S.A. 

COP$ million	3Q 2013 *			3Q 2012			2Q 2013*			Jan-Sep 2013*			Jan-Sep 2012
Cash flow provided by operating activities:
Net income		3,973,832			3,247,649			3,253,806			10,723,322			11,266,180
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		1,434,399			1,307,428			1,310,609			4,005,283			3,673,141
Foreign Exchange		27,000			21,982			(260	)		(21,877	)		433,506
Net Interest		36,642			15,192			45,028			109,911			(16,044	)
Provision for income tax		2,050,732			1,461,104			1,877,863			5,729,401			5,388,017
Net provisions		(39,453	)		351,624			234,863			303,892			776,683
Disposal of property, plant and equipment		(9,239	)		14			20,140			21,649			3,618
Recovery of Property, Plant and equipment		(115,718	)		-			-			(115,718	)		-
Loss (gain) valuation of Investments		(6,600	)		(1,162	)		155,575			(1,070	)		(14,320	)
Loss (Income) from equity method on affiliated companies		(347,781	)		(311,149	)		(279,510	)		(780,969	)		(721,765	)
Net changes in operating assets and liabilities:
Accounts and notes receivable		(981,020	)		(766,356	)		(647,234	)		(2,741,977	)		(750,038	)
Inventories		(135,316	)		178,992			409,090			(119,389	)		(178,712	)
Deferred and other assets		158,768			279,829			(514,771	)		52,108			526,745
Accounts payable and related parties		244,760			40,942			943,553			538,363			2,035,844
Taxes payable		(180,638	)		(229,561	)		(5,495,401	)		(7,213,376	)		(7,417,808	)
Labor obligations		(392,919	)		3,335			(126,722	)		(546,703	)		(305,383	)
Estimated liabilities and provisions		147,077			(171,298	)		151,176			318,939			39,164
Cash provided by operating activities		5,864,526			5,428,565			1,337,805			10,261,789			14,738,828
Cash flows from investing activities:
Payment for purchase of Companies, net of cash acquired		3,175			(2,300	)		(121,223	)		(118,048	)		(2,300	)
Purchase of investment securities		(4,552,633	)		(3,521,562	)		(1,882,230	)		(9,908,403	)		(10,251,420	)
Dividends Received		31,902			32,541			48,820			80,722			32,541
Interest Received		58,524			79,006			59,815			175,838			288,653
Redemption of investment securities		909,003			4,033,291			3,872,539			8,827,726			9,736,693
Sale of property, plant and equipment		-			-			2,000			2,000			-
Sale of natural resources		-			-			100,790			100,790			-
Investment in natural and environmental resources		(860,268	)		(796,722	)		(1,394,922	)		(2,723,307	)		(2,347,904	)
Additions to property, plant and equipment		(1,815,836	)		(989,935	)		(361,738	)		(2,813,558	)		(2,779,146	)
Net cash generated by investing activities		(6,226,133	)		(1,165,681	)		323,851			(6,376,240	)		(5,322,883	)
Cash flows from financing activities:
Financial obligations		5,910,706			(170,002	)		223,660			5,966,605			(639,174	)
Capitalization		72			155,344			10			82			164,992
Dividends		(1,580,003	)		(3,499,556	)		(2,956,910	)		(8,452,349	)		(8,419,332	)
Net cash used in financing activities		4,330,775			(3,514,214	)		(2,733,240	)		(2,485,662	)		(8,893,514	)
Net increase (decrease) in cash and cash equivalents		3,969,168			748,670			(1,071,584	)		1,399,887			522,431
Foreign Exchange in cash and cash equivalents		8,400			2,486			60,239			91,195			(115,642	)
Cash and cash equivalents at the beginning of the year		2,773,625			4,152,985			3,784,970			5,260,111			4,497,352
Cash and cash equivalents at the end of the year		6,751,193			4,904,141			2,773,625			6,751,193			4,904,141

NOTES:

* Not audited

Some 2012 figures were reclassified for the sake of comparison with 2013 figures   

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29

 Unaudited Cash Flow Statement 

 Ecopetrol Consolidated

COP$ million	3Q 2013 *			3Q 2012			2Q 2013*			Jan-Sep 2013*			Jan-Sep 2012
Cash flow provided by operating activities:
Net income		3,860,788			3,227,155			3,407,585			10,679,998			11,158,238
Adjustments to reconcile net income to cash provided by operating activities:
Minority interest		203,658			163,234			211,890			531,328			375,713
Depreciation, depletion and amortization		1,709,340			1,738,912			1,448,949			4,832,942			5,146,127
Net provisions		(47,573	)		261,764			380,080			348,778			505,673
Disposal of property, plant and equipment		93,781			-			413,618			518,147			-
Loss for disposal of property, plant and equipment		-			13			-			-			127
Loss for disposal of natural and environmental resources		-			(3,412	)		-			-			78
Recovery of Property, Plant and equipment		(115,718	)		-			-			(115,718	)		-
Loss for disposal of other assets		9,494			3,490			-			9,494			3,490
Loss (Income) from equity method on affiliated companies		(20,851	)		(15,224	)		(29,785	)		(56,590	)		(68,759	)
Net changes in operating assets and liabilities:
Accounts and notes receivable		518,859			(954,023	)		(570,431	)		(936,135	)		(2,921,059	)
Inventories		(122,534	)		78,077			255,659			(234,451	)		(320,274	)
Deferred and other assets		(58,213	)		48,745			(563,388	)		(130,893	)		180,555
Accounts payable and related parties		(74,587	)		(2,222,230	)		772,599			(101,243	)		127,031
Taxes payable		1,642,627			1,261,123			(3,013,358	)		(1,169,885	)		(2,430,485	)
Labor obligations		(383,964	)		39,681			(118,798	)		(552,241	)		9,977
Estimated liabilities and provisions		3,693			(434,251	)		313,025			588,739			(487,425	)
Cash provided by operating activities		7,218,801			3,193,054			2,907,644			14,212,270			11,279,007
Cash flows from investing activities:
Payment for purchase of Companies, net of cash acquired		-			-			-			-			-
Purchase of investment securities		(3,203,225	)		(1,159,485	)		(906,782	)		(7,561,657	)		(8,475,196	)
Redemption of investment securities		966,847			3,873,231			3,576,202			8,915,010			11,048,488
Sale of property, plant and equipment		(297	)		-			103,087			102,790			-
Investment in natural and environmental resources		(1,274,641	)		(1,198,543	)		(2,135,411	)		(4,276,458	)		(3,911,387	)
Additions to property, plant and equipment		(2,866,119	)		(1,869,633	)		(1,510,544	)		(6,182,118	)		(5,154,355	)
Net cash used in investing activities		(6,377,435	)		(354,431	)		(873,449	)		(9,002,433	)		(6,492,451	)
Cash flows financing activities:
Minority interest		-			2,939			(8,758	)		-			(4,136	)
Financial obligations		5,772,617			1,855,686			562,760			7,083,022			4,175,208
Capitalization		73			-			10			82			-
Dividends		(1,741,171	)		(3,499,555	)		(3,023,486	)		(8,613,517	)		(8,386,790	)
Net cash used in financing activities		4,031,519			(1,640,930	)		(2,469,475	)		(1,530,413	)		(4,215,718	)
Net increase (decrease) in cash and cash equivalents		4,872,885			1,197,694			(435,280	)		3,679,424			570,839
Cash and cash equivalents at the beginnig of the year		6,747,229			5,958,773			7,182,508			7,940,690			6,585,628
Cash and cash equivalents at the end of the year		11,620,114			7,156,467			6,747,229			11,620,114			7,156,467

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. 

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

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30

Reconciliation of EBITDA

Ecopetrol S.A.

COP$ Millions	3Q 2013 *		3Q 2012 *		2Q 2013*		Jan-Sep 2013*		Jan-Sep 2012*
RECONCILIATION NET INCOME TO EBITDA
Net Income		3,973,832		3,247,649		3,253,806		10,723,322		11,266,180
Depreciations, depletions and amortizations		1,434,399		1,307,428		1,310,609		4,005,283		3,673,141
Net Interest		36,643		15,192		45,028		109,911		(16,044	)
Interest, Tax, Depreciations and Amortizations in subsidiaries		537,943		364,692		587,865		1,636,658		1,398,868
Other Taxes		147,510		127,371		226,915		1,024,525		856,560
Provision for income tax		2,050,732		1,461,104		1,877,863		5,729,401		5,388,017
UNCONSOLIDATED EBITDA		8,181,059		6,523,436		7,302,086		23,229,100		22,566,722

Ecopetrol Consolidated
COP$ Millions	3Q 2013 *			3Q 2012 *			2Q 2013*			Jan-Sep 2013*			Jan-Sep 2012*
RECONCILIATION NET INCOME TO EBITDA
Net income		3,860,788			3,227,155			3,407,585			10,679,998			11,158,238
Depreciations, depletions and amortizations		1,706,029			1,577,584			1,647,605			4,832,942			4,648,648
Net Interest		(78,451	)		67,767			87,458			80,551			141,689
Minority interest		(104,286	)		(65,441	)		(152,879	)		(393,002	)		(314,786	)
Other Taxes		262,920			240,524			264,254			1,302,210			1,156,362
Provision for income tax		2,352,725			1,595,481			2,262,057			6,609,586			5,850,569
CONSOLIDATED EBITDA		7,999,725			6,643,070			7,516,080			23,112,285			22,640,720

* Not audited

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

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31

VII. Exhibits of Subsidiary Results and Shareholder Interest

Note: The financial results of subsidiary companies have not been audited.

Exploration and Production

1. Hocol:

Income Statement

(COP$ Billion)	3Q 2013			3Q 2012			Jan-Sep 2013			Jan-Sep 2012
Local Sales		193.4			0.6			193.8			3.3
Export Sales		801.5			906.3			2,115.8			2,912.2
Sales of services		-			-			-			-
Total Sales		994.9			906.9			2,309.6			2,915.5
Variable Costs		692.9			569.8			1,559.5			1,921.3
Fixed Costs		93.1			102.8			272.8			315.7
Cost of Sales		786.0			672.6			1,832.3			2,237.0
Gross profit		208.9			234.3			477.3			678.5
Operating Expenses		35.7			57.6			109.3			173.5
Operating Profit		173.2			176.7			368.0			505.0
Non operating, net		(1.8	)		6.3			(4.5	)		41.0
Profit/(Loss) before taxes		171.4			183.0			363.5			546.0
Income tax		66.8			60.2			133.6			160.4
Net Income/Loss		104.6			122.8			229.9			385.6
TOTAL EBITDA *		282.7			281.5			678.2			910.9
EBITDA margin		28.4	%		31.0	%		29.4	%		31.2	%
EBITDA to EC GROUP**		282.7			281.5			678.2			910.9

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet

(COP$ Billion)	As of September 30, 2013		As of June 30, 2013
Current Assets		1,010.2		818.5
Long Term Assets		1,953.3		1,862.3
Total Assets		2,963.5		2,680.8
Current Liabilities		567.9		382.9
Long Term Liabilities		204.6		210.8
Total Liabilities		772.5		593.7
Equity		2,191.0		2,087.1
Total Liabilities and Shareholders’ Equity		2,963.5		2,680.8

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32

2. Savia Perú:

Income Statement 

US$ million	III trim. 2013			III trim. 2012			Jan-Sep 2013			Jan-Sep 2012
Local Sales		92.3			111.7			265.5			351.9
Total Sales		92.3			111.7			265.5			351.9
Variable Costs		27.6			28.6			86.1			86.7
Fixed Costs		24.3			25.6			67.9			82.2
Cost of Sales		51.9			54.2			154.0			168.9
Gross profit		40.3			57.4			111.5			183.0
Operating Expenses		17.9			25.3			55.8			60.7
Operating Profit		22.3			32.1			55.7			122.3
Profit/(Loss) before taxes		22.3			32.1			55.7			122.3
Income tax		4.0			9.9			10.0			34.4
Deferred taxes		3.8			1.4			9.6			4.7
Net Income/Loss		14.5			20.8			36.2			83.3
EBITDA		46.4			56.7			122.8			202.6
EBITDA margin		50	%		51	%		46	%		58	%

Balance Sheet

US$ million	As of September 30, 2013		As of June 30, 2013
Current Assets		229.4		173.2
Long Term Assets		824.7		715.8
Total Assets		1,054.1		889.0
Current Liabilities		301.8		238.4
Long Term Liabilities		122.2		109.3
Total Liabilities		424.0		347.7
Equity		630.1		541.2
Total Liabilities and Shareholders’ Equity		1,054.1		889.0

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33

3. Equion:

Income Statement

(COP$ Billion)	3Q 2013			3Q 2012			Jan-Sep 2013			Jan-Sep 2012
Local Sales		59.7			47.0			158.5			148.6
Export Sales		401.2			539.1			1,293.8			1,511.0
Total Sales		460.9			586.1			1,452.3			1,659.6
Variable Costs		216.6			268.8			704.6			658.1
Fixed Costs		34.0			47.9			101.7			120.9
Cost of Sales		250.6			316.7			806.3			779.0
Gross profit		210.3			269.4			646.0			880.6
Operating Expenses		13.8			7.5			38.6			47.8
Operating Profit		196.5			261.9			607.4			832.8
Non operating, net		18.4			6.6			31.1			54.2
Profit/(Loss) before taxes		214.9			268.5			638.5			887.0
Income tax		70.2			66.0			250.1			283.6
Net Income/Loss		144.7			202.5			388.4			603.4
TOTAL EBITDA *		275.8			333.4			813.9			1,083.5
EBITDA margin		59.8	%		56.9	%		56.0	%		65.3	%
EBITDA to EC GROUP**		140.6			170.0			415.1			552.6

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet

(COP$ Billion)	As of September 30, 2013		As of June 30, 2013
Current Assets		1,789.3		1,735.0
Long Term Assets		1,613.4		1,587.0
Total Assets		3,402.7		3,322.0
Current Liabilities		722.5		678.1
Long Term Liabilities		166.4		255.0
Total Liabilities		888.9		933.1
Equity		2,513.8		2,388.9
Total Liabilities and Shareholders’ Equity		3,402.7		3,322.0

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34

Refining and Petrochemical

1. Propilco:

Sales volume (tons)	3Q 2013		3Q 2012		Jan-Sep 2013		Jan-Sep 2012
Polypropylene		109,657.7		113,342.4		302,179.7		306,002.7
Polypropylene marketing for COMAI		2,839.3		2,561.9		8,731.9		7,946.2
Polyethylene marketing		4,349.5		3,575.7		12,284.7		9,020.5
Total		116,846.4		119,480.1		323,196.3		322,969.4

Income Statement

(COP$ Billion)	3Q 2013			3Q 2012			Jan-Sep 2013			Jan-Sep 2012
Local Sales		190.0			152.5			523.5			473.2
Export Sales		218.5			196.7			573.9			559.3
Total Sales		408.5			349.2			1,097.4			1,032.5
Variable Costs		342.5			277.0			931.8			845.2
Fixed Costs		28.9			28.3			86.0			82.6
Cost of Sales		371.4			305.3			1,017.8			927.8
Gross profit		37.1			43.9			79.6			104.7
Operating Expenses		30.5			28.3			92.0			88.5
Operating Profit		6.6			15.6			(12.4	)		16.2
Non operating, net		1.8			6.8			17.1			20.3
Profit/(Loss) before taxes		8.4			22.4			4.7			36.5
Income tax		0.6			(1.1	)		2.0			(2.0	)
Net Income/Loss		7.8			23.5			2.7			38.5
TOTAL EBITDA *		23.7			38.9			54.3			92.5
EBITDA margin		5.8	%		11.1	%		4.9	%		9.0	%
EBITDA to EC GROUP**		23.7			38.9			54.3			92.5

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet

COP$ Billion	As of September 30, 2013		As of June 30, 2013
Current Assets		695.3		659.6
Long Term Assets		503.3		510.9
Total Assets		1,198.6		1,170.5
Current Liabilities		434.1		401.8
Long Term Liabilities		85.3		97.1
Total Liabilities		519.4		498.9
Equity		679.2		671.6
Total Liabilities and Shareholders’ Equity		1,198.6		1,170.5

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2. Reficar:

Sales Volume (mbd)	3Q 2013		3Q 2012		Jan-Sep 2013		Jan-Sep 2012
Local		43.6		47.2		46.8		45.6
International		36.2		51.7		46.7		52.0
Total		79.8		98.9		93.5		97.6

Income Statement

(COP$ Billion)	3Q 2013			3Q 2012***			Jan-Sep 2013			Jan-Aug 2012
Local Sales		982.1			920.8			2,910.7			2,486.2
Export Sales		548.4			835.0			2,475.5			2,567.9
Total Sales		1,530.5			1,755.8			5,386.2			5,054.1
Variable Costs		1,560.2			1,672.4			5,297.6			4,981.3
Fixed Costs		75.6			70.5			201.0			197.6
Cost of Sales		1,635.8			1,742.9			5,498.6			5,178.9
Gross profit		(105.3	)		12.9			(112.4	)		(124.8	)
Operating Expenses		22.4			21.8			125.3			109.8
Operating Profit		(127.7	)		(8.9	)		(237.7	)		(234.6	)
Non Operating income		54.7			45.7			148.6			338.4
Non Operating expenses		(60.4	)		(39.7	)		(207.0	)		(164.3	)
Profit/(Loss) before taxes		(133.4	)		(2.9	)		(296.1	)		(60.5	)
Income tax		0.5			1.1			1.7			3.0
Net Income/Loss		(133.9	)		(4.0	)		(297.8	)		(63.5	)
TOTAL EBITDA*		(96.4	)		25.97			(144.80	)		75.00
EBITDA margin		(6.3	%)		1.5	%		(2.7	%)		1.5	%
EBITDA to EC GROUP**		(96.4	)		26.0			(144.8	)		75.0

* EBITDA (COLGAAP) contribution to EC group

** Total EBITDA of the company under COLGAAP

*** 3Q 2012 within May to August

Balance Sheet

COP$ Billion	As of September 30, 2013		As of June 30, 2013
Current Assets		1,842.0		1,557.9
Long Term Assets		11,757.8		10,696.6
Total Assets		13,599.8		12,254.5
Current Liabilities		1,351.6		1,601.2
Long Term Liabilities		8,153.7		7,491.7
Total Liabilities		9,505.3		9,092.9
Equity		4,094.5		3,161.6
Total Liabilities and Shareholders’ Equity		13,599.8		12,254.5

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Transport

1. Cenit

The financial information presented corresponds to Cenit individually, recognizing application of the participation method to the earnings of the other transport companies of the business group.

Income Statement

(COP$ Billion)	3Q 2013			Jan-Sep 2013
Sales of services		658.6			1,294.5
Total Sales		658.6			1,294.5
Variable Costs		14.6			29.4
Fixed Costs		651.0			1,091.9
Cost of Sales		665.6			1,121.3
Gross profit		(7.0	)		173.2
Operating Expenses		6.0			84.9
Operating Profit		(13.0	)		88.3
Non operating, net		332.9			678.5
Profit/(Loss) before taxes		319.9			766.8
Income tax		2.2			33.7
Net Income/Loss		317.7			733.1
TOTAL EBITDA *		397.5			920.8
EBITDA margin		60.4	%		71.1	%
EBITDA to EC GROUP**		397.5			920.8

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group  

Balance Sheet

COP$ Billion	As of September 30, 2013		As of June 30, 2013
Current Assets		1,205.70		626.60
Long Term Assets		16,298.60		16,220.00
Total Assets		17,504.30		16,846.60
Current Liabilities		2,652.40		2,288.40
Long Term Liabilities		51.90		43.00
Total Liabilities		2,704.30		2,331.40
Equity		14,800.00		14,515.20
Total Liabilities and Shareholders’ Equity		17,504.3		16,846.6

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37

Biofuels

1. Ecodiesel

Sales volume (mboed)	3Q 2013		3Q 2012		Jan-Sep 2013		Jan-Sep 2012
Biodiesel		2.3		2.3		2.2		2.2
Glycerin		0.2		0.2		0.2		0.2
Total		2.5		2.5		2.4		2.4

Income Statement

(COP$ Billion)	3Q 2013			3Q 2012			Jan-Sep 2013			Jan-Sep 2012
Domestic sales		78.5			119.5			215.9			254.8
Sales of services		-			-			-			-
Total Sales		78.5			119.5			215.9			254.8
Variable Costs		66.6			103.3			182.3			219.8
Fixed Costs		-			-			-			-
Cost of Sales		66.6			103.3			182.3			219.8
Gross profit		11.9			16.2			33.6			35.0
Operating Expenses		2.9			2.7			7.9			17.2
Operating Profit		9.0			13.5			25.7			17.8
Non operating, net		(2.3	)		(5.6	)		(5.2	)		(5.6	)
Profit/(Loss) before taxes		6.7			7.9			20.5			12.2
Income tax		1.4			0.1			2.0			0.1
Net Income		5.3			7.8			18.5			12.1
EBITDA		9.3			(0.7	)		29.2			15.5
EBITDA margin		12	%		(1	%)		14	%		6	%

Balance Sheet

COP$ Billion	As of September 30, 2013		As of June 30, 2013
Current Assets		56.6		63.7
Long Term Assets		82.4		79.4
Total Assets		139.0		143.1
Current Liabilities		49.4		56.1
Long Term Liabilities		40.6		43.2
Total Liabilities		90.0		99.3
Equity		49.0		43.8
Total Liabilities and Shareholders' Equity		139.0		143.1

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38