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

Exhibit 99.1

Ecopetrol Announces Its Results for the

Second Quarter of 2014

· Financial results show the positive effect of international crude prices that partially offset the strong impact of the difficult operational environment on production and sales

· Significant progress in the international exploration strategy: One discovery in the Gulf of Mexico (U.S.) and acquisition of a 10% stake in two blocks in Angola.

· Changes in organizational structure: new regional model and creation of the General Operations Directorate.

BOGOTA, July 31 of 2014. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its unaudited financial results, both consolidated and unconsolidated, for the second quarter of 2014. The financial results were 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 2013 figures have been reclassified to be comparable to those of 2014.

Summary of Ecopetrol S.A.’s financial results

Unconsolidated
(COP$ Billion)	2Q 2014*			1Q 2014*			Var. %			2Q 2013*			Var. % **			1H 2014*			1H 2013*			Var. %
Total sales		14,976.6			15,741.7			(4.9	)%		15,322.7			(2.3	)%		30,718.3			30,094.6			2.1	%
Operating profit		4,161.0			4,552.6			(8.6	)%		4,907.1			(15.2	)%		8,713.6			10,052.5			(13.3	)%
Net Income		2,847.8			3,225.9			(11.7	)%		3,253.8			(12.5	)%		6,073.6			6,749.6			(10.0	)%
Earnings per share (COP$)		69.26			78.46			(11.7	)%		79.14			(12.5	)%		147.72			164.15			(10.0	)%
EBITDA		6,770.5			7,704.6			(12.1	)%		7,302.1			(7.3	)%		14,475.1			15,048.0			(3.8	)%
EBITDA Margin		45	%		49	%					48	%					47	%		50	%

Consolidated
(COP$ Billion)	2Q 2014*			1Q 2014*			Var. %			2Q 2013*			Var. % **			1H 2014*			1H 2013*			Var. %
Total sales		17,749.3			18,262.0			(2.8	)%		17,595.6			0.9	%		36,011.2			34,341.3			4.9	%
Operating profit		4,921.1			5,882.8			(16.3	)%		5,927.2			(17.0	)%		10,803.9			11,481.1			(5.9	)%
Net Income		2,787.5			3,287.4			(15.2	)%		3,407.5			(18.2	)%		6,074.9			6,819.2			(10.9	)%
Earnings per share (COP$)
EBITDA		6,681.6			7,793.0			(14.3	)%		7,516.1			(11.1	)%		14,474.6			15,112.6			(4.2	)%
EBITDA Margin		38	%		43	%					43	%					40	%		44	%

* Not audited

** Between 2Q 2014 and 2Q 2013

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

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

“The results of the second quarter of 2014 show the positive effect of international crude prices that offset the strong impact of the difficult operational environment (29 attacks to the transport infrastructure during the quarter and 64 in the first semester of the year) on production and sales.

Even though we produced an average of 714 thousand barrels in June (Ecopetrol S.A. not including affiliates and subsidiaries), mainly due to normality in the operation, the results of April and May were hit by the forced shutdown of the Caño Limón - Coveñas pipeline during 40 days between March 25 and June 3, as well as the shutdown of the Transandino pipeline since June 10, and repeated communities’ blockades of production fields.

During the quarter, net income reached COP$2.85 trillion, 11.7% less than that of the first quarter of the year. EBITDA was COP$6.77 trillion, with a margin of 45% and a decrease of 12.1% compared to the previous quarter.

In this quarter, it is very important to highlight the progress of our international exploration strategy with the discovery in the Rydberg well on the U.S. Gulf of Mexico coast, and the acquisition of a 10% stake in blocks 38/11 and 39/11 in Angola. Subsidiaries keep delivering positive financial results, where transport subsidiaries stand out. Finally, 9 plants of the new Cartagena refinery had their mechanical completion and the overall progress of the project stands at 92%.

Regarding the operation, two very important milestones were reached and became effective on July 1. The first is the change in the organizational structure with the creation of the General Operations Directorate and to which the vice presidents of exploration, production and development, transportation and downstream report directly. This new structure will improve the coordination among the business areas. The second milestone is the Regional model under which the operation is grouped into four major regions: 1) Caribbean coast and Pacific coast, 2) Central, 3) Orinoquía and 4) Southern. Each will have with its own regional vice-presidency, which will help provide greater agility in decision making.

With respect to production, the progress of secondary recovery pilot projects in the Magdalena valley and the 7% growth in the production of companies in which Ecopetrol has a share interest stand out.

In relation to financial results, I highlight the offering of international bonds for US$2 billion with a 31-year term and a favorable yield, and S&P left unchanged our BBB/Stable rating in foreign currency. Both events show the confidence of capital markets and financial strength of our company.

Finally, this quarter was challenging for results and the operation, but with important progress in the strategy that allows us to be optimistic about the future of the company."

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Ecopetrol presents its results for the second quarter of 2014

Table of Contents

I.	Unconsolidated Financial Results	4
a.	Availability of Crude, Natural Gas and Refined Products	4
b.	Sales Volumes	5
c.	Crude, Refined Product and Natural Gas Prices	6
d.	Financial Results	7
e.	Cash Flow	9
f.	Balance Sheet	10
g.	Risk rating	11
h.	Financing	11
II.	Consolidated Financial Results	12
b.	Segment results	12
III.	Operating Results	15
a.	Investment plan	15
b.	Exploration	15
c.	Production	17
d.	Transportation	19
e.	Refining	20
IV.	Organizational Consolidation and Corporate Governance	22
a.	Organizational consolidation	22
b.	Corporate Responsibility	22
V.	Conference Calls	23
VI.	Additional Exhibits	24
VII.	Exhibits of Subsidiary Results and Shareholder Interest	30

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I. Unconsolidated Financial Results

a. Availability of Crude, Natural Gas and Refined Products

The availability of Ecopetrol S.A. crude, natural gas and refined products is summarized by the following:

Ecopetrol S.A. (unconsolidated) *
1) Crude Oil (mbod)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
(+) Net Production **		482.3		517.8		(6.9	)%		493.5		522.2		(5.5	)%
(+) Purchases ***		174.8		188.3		(7.2	)%		177.4		192.2		(7.7	)%
(+) Diluent ****		60.7		64.7		(6.2	)%		69.6		64.8		7.4	%
Total		717.8		770.8		(6.9	)%		740.5		779.2		(5.0	)%
2) Natural Gas (mboed)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
(+) Net Production **		102.0		104.1		(2.0	)%		104.7		103.7		1.0	%
(+) Royalties Paid		22.6		0.0		N.D.			23.1		0.0		N.D.
(+) Purchases ***		2.5		9.5		(73.7	)%		2.4		10.2		(76.5	)%
Total		127.1		113.6		11.9	%		130.2		113.9		14.3	%
3) Products (mbd)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
(+) Production*****		230.9		216.8		6.5	%		232.9		214.8		8.4	%
(+) Local Purchase		3.8		5.9		(35.6	)%		4.0		6.2		(35.5	)%
(+) Imports		65.5		51.8		26.4	%		61.6		53.5		15.1	%
Total		300.2		274.5		9.4	%		298.5		274.5		8.7	%

* Does not include variation in inventories

** Does not include royalties

*** Includes royalties purchased from the ANH, royalties from EC and local purchases from third parties

**** Includes refined products used as diluent

***** Does not include diluent production

The main results of the second quarter of 2014 were:

· Lower crude production (-35.5 mbod)¹

· Lower purchases of crude oil (-13.5 mbod): mainly due to the decreased royalty purchases driven by lower production in Colombia.

· Lower purchases of gas (-7.0 mboed): principally because of the decline in royalty purchases in accordance with Resolution No. 877 of 2013, which establishes the cash collection of royalties and compensation due to the development of gas fields.

· Decreased local purchases of refined products (-2.1 mbod): less availability of Reficar S.A. jet fuel as a result of the scheduled shut down of the Cartagena refinery starting in March.

· Increased imports (+13.7 mbod) of Diesel and Gasoline due to increase in demand

¹During the second quarter 2014, total production by Ecopetrol and its affiliates and subsidiaries fell by 5.7% compared to the same period of 2013, as a consequence of: 1) attacks on transport infrastructure and unscheduled stoppages, 2) operational problems associated with blockages from communities, 3) delays in the development of facilities in key projects and 4) scheduled maintenance.

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b. Sales Volumes

Ecopetrol S.A. (unconsolidated)
Sales volume
Local sales volume (mboed)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
Crude Oil		45.4		36.2		25.4	%		50.7		29.6		71.3	%
Natural Gas		83.3		64.1		30.0	%		81.8		62.0		31.9	%
Gasoline		74.4		66.4		12.0	%		72.9		68.5		6.4	%
Medium Distillates		118.2		117.1		0.9	%		118.6		114.2		3.9	%
LPG and propane		14.3		14.4		(0.7	)%		14.7		14.3		2.8	%
Fuel oil		2.9		1.7		70.6	%		3.1		1.8		72.2	%
Industrial and Petrochemical		14.7		13.2		11.4	%		15.4		12.5		23.2	%
Total Local Sales		353.2		313.1		12.8	%		357.2		302.9		17.9	%
Export sales volume (mboed)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
Crude Oil		447.0		481.0		(7.1	)%		447.8		457.0		(2.0	)%
Products		64.1		60.4		6.1	%		61.1		58.4		4.6	%
Natural Gas		6.6		25.5		(74.1	)%		13.1		23.5		(44.3	)%
Total Export Sales		517.7		566.9		(8.7	)%		522.0		538.9		(3.1	)%
Sales to free trade zone (mboed)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
Crude Oil		0.0		69.4		(100.0	)%		18.9		72.7		(74.0	)%
Products		2.9		1.0		190.0	%		2.8		2.0		40.0	%
Natural Gas		9.4		2.7		248.1	%		7.4		2.9		155.2	%
Total sales to free trade zone		12.3		73.1		(83.2	)%		29.1		77.6		(62.5	)%
Total sales volume		883.2		953.1		(7.3	)%		908.3		919.4		(1.2	)%

b.1) Market in Colombia: Sales to the Colombian market comprised 41% of total sales in the second quarter of 2014 (40% excluding sales to free trade zones):

The increase of 12.8% in local sales volumes in the second quarter 2014 is explained mainly by:

· Natural Gas (+19.2 mboed): 1) higher sales to the industrial sector owing to the increased amount of gas owned by Ecopetrol due to the expiration of the ANH trading contract, and 2) higher thermal demand.

· Crude (+9.2 mbod): increase in sales to affiliates Hocol and Equión, thus making use of transportation synergies.

· Gasoline (+8.0 mbod): higher demand as a result of: 1) economic growth, 2) increase in client inventories, and 3) restrictions on fuel imports from Venezuela.

· Industrial and Petrochemical products (+1.5 mboed): higher asphalt sales.

b.2)International market: Sales to the international market comprised 59% of total sales in the second quarter of 2014 (60% including sales to free trade zones):

The 8.7% decline in volume exported by Ecopetrol in the second quarter of 2014 can be explained primarily by the following:

· Crude (-34.0 mbod): lower production.

· Natural Gas (-18.9 mboed): 1) decline in the Guajira field’s production, 2) attacks on the Caño Limón-Coveñas pipeline resulting in the shutdown of the Gibraltar field, and 3) implementation of Scheduled Rationing Resolution 456 of 2014, which restricts exports and prioritizes national demand.

In addition, sales volumes to free trade zones fell by 83.2%, owing mainly to the following:

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· Crude (-69.4 mbod): as a result of a general scheduled shutdown since March of 2014 of the Cartagena refinery to ensure the new refinery’s mechanical completion.

Export highlights include the Asian markets as the main destination of crude exports and Europe’s increased participation because of a greater demand of medium crudes.

As regards products, the Central American and Caribbean market’s share was still the highest while the Asian market declined as other fuel oil markets emerged, such as the Gulf Coast and Eastern Coast of the United States, as a result of the greater dynamism of the maritime transport sector.

Export destinations - Crudes
Destination	2Q 2014			2Q 2013			1H 2014			1H 2013
Asia		42.7	%		34.1	%		43.5	%		34.1	%
U.S. Gulf Coast		24.5	%		44.0	%		25.0	%		42.9	%
Europe		17.0	%		6.7	%		15.7	%		7.2	%
U.S. West Coast		5.7	%		10.4	%		8.5	%		8.8	%
Central America / Caribbean		8.0	%		1.7	%		5.2	%		2.6	%
South America		2.1	%		1.9	%		2.1	%		3.2	%
U.S. East Coast		0.0	%		1.2	%		0.0	%		1.2	%
		100.0	%		100.0	%		100.0	%		100.0	%

Export destinations - Products
Destination	2Q 2014			2Q 2013			1H 2014			1H 2013
Central America / Caribbean		49.1	%		31.3	%		43.2	%		34.8	%
Asia		29.3	%		54.5	%		27.2	%		50.0	%
U.S. East Coast		15.1	%		14.2	%		14.4	%		15.2	%
U.S. Gulf Coast		6.5	%		0.0	%		8.5	%		0.0	%
U.S. West Coast		0.0	%		0.0	%		6.7	%		0.0	%
		100.0	%		100.0	%		100.0	%		100.0	%

c. Crude, Refined Product and Natural Gas Prices

Prices of crude references (Average, US$/Bl)	2Q 2014		2Q 2013		∆ (%)			∆ ($)			1H 2014		1H 2013		∆ (%)			∆ ($)
Brent		109.8		103.3		6.3	%		6.5			108.8		107.9		0.8	%		0.9
MAYA		95.8		97.7		(1.9	)%		(1.9	)		92.5		100.2		(7.7	)%		(7.7	)
WTI		103.0		94.2		9.3	%		8.8			100.7		94.3		6.8	%		6.4

Sales price (US$/Bl)	2Q 2014		2Q 2013		∆ (%)			Sales Volume (mboed) 2Q 2014		1H 2014		1H 2013		∆ (%)			Sales Volume (mboed) 1H 2014
Crude oil basket		99.0		94.2		5.1	%		492.4		96.7		98.1		(1.4	)%		517.4
Products basket		109.7		105.1		4.4	%		291.5		109.0		109.6		(0.5	)%		288.6
Natural gas basket		24.5		27.6		(11.2	)%		99.3		25.0		27.8		(10.1	)%		102.3

Crudes:

Between the second quarter of this year and the same period of last year, the sale price of Ecopetrol´s crude basket increased by US$4.8 per barrel as a result of:

· The higher international prices of heavy crudes owing to higher demand: 1) the increase in conversion capacity of India and China refineries, and 2) higher refining margins in the Gulf of Mexico (U.S.).

· An increase in the prices of medium crude as a consequence of: 1) concerns about supply cuts due to the conflict Iraq, and 2) lower supply of crudes due to the shutdown of a platform in the U.S. Gulf coast because of a fire.

During the second quarter of the year, the crude oil export basket of Ecopetrol was indexed to Brent (62%) and Maya (38%).

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Products:

During the second quarter of 2014, the price of the product sales basket increased US$4.6 per barrel versus the same period for last year, owing to the recovery of international prices, especially for gasoline and distillates.

Natural gas:

During the second quarter of 2014, sale prices decreased by US$3.1 per barrel equivalent due to 1) lower sales prices of Cusiana-Cupiagua, and 2) and de-regulation of prices in the Guajira field.

d. Financial Results

Unconsolidated Income Statement
(COP$ Billion)	2Q 2014*			2Q 2013*			∆ ($)			∆ (%)			1H 2014*			1H 2013*			∆ ($)			∆ (%)
Local Sales		5,637.4			4,756.7			880.7			18.5	%		11,477.2			9,485.2			1,992.0			21.0	%
Export Sales		8,756.9			8,955.1			(198.2	)		(2.2	)%		17,509.8			17,203.3			306.5			1.8	%
Sales to free trade zone		103.3			1,211.5			(1,108.2	)		(91.5	)%		876.4			2,621.0			(1,744.6	)		(66.6	)%
Sales of services		479.0			399.4			79.6			19.9	%		854.9			785.1			69.8			8.9	%
Total Sales		14,976.6			15,322.7			(346.2	)		(2.3	)%		30,718.3			30,094.6			623.7			2.1	%
Variable Costs		7,874.7			7,613.6			261.1			3.4	%		15,934.8			14,394.8			1,540.0			10.7	%
Fixed Costs		2,049.9			2,033.5			16.4			0.8	%		3,935.8			3,764.5			171.3			4.6	%
Cost of Sales		9,924.6			9,647.1			277.5			2.9	%		19,870.6			18,159.3			1,711.3			9.4	%
Gross profit		5,052.0			5,675.6			(623.7	)		(11.0	)%		10,847.7			11,935.3			(1,087.6	)		(9.1	)%
Operating Expenses		891.0			768.5			122.5			15.9	%		2,134.1			1,882.8			251.3			13.3	%
Operating Profit		4,161.0			4,907.1			(746.2	)		(15.2	)%		8,713.6			10,052.5			(1,338.9	)		(13.3	)%
Non Operating Profit/Loss		185.6			224.6			(39.0	)		(17.4	)%		556.6			375.8			180.8			48.1	%
Income tax		1,498.8			1,877.9			(379.1	)		(20.2	)%		3,196.6			3,678.7			(482.1	)		(13.1	)%
Net Income		2,847.8			3,253.8			(406.1	)		(12.5	)%		6,073.6			6,749.6			(676.0	)		(10.0	)%
Earnings per share (COP$)		69.26			79.14			(9.88	)		(12.5	)%		147.72			164.15			(16.43	)		(10.0	)%
EBITDA		6,770.5			7,302.1			(531.60	)		(7.3	)%		14,475.1			15,048.0			(572.90	)		(3.8	)%
EBITDA Margin		45	%		48	%								47	%		50	%

* Not audited

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

The following is an explanation of the main variations in results of the second quarter 2014 compared to those of the same period in 2013:

Total salesin the second quarter 2014 dropped 2.3% (-COP$346.2 billion) mainly because of the 7.3% reduction in volumes sold, and was the combined result of:

· Lower sales volume (-70.0 mboed): -COP$1,341 billion.

· Increase in the price of the average sales basket of US$3.3 per barrel: +COP$746 billion.

· Devaluation of the COP$/USD exchange rate: +COP$244 billion.

Cost of sales in second quarter 2014 rose 2.9% driven by:

· Variable costs:increase of 3.4% (+COP$261 billion), as a result mainly of:

a) Increases in:

o Crude, gas and product purchases, and imports (+COP$566 billion), the net result of:

§ Higher average purchase price (+US$10.5 per barrel) due to rising international benchmark prices: +COP$357 billion

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§ A 7.6% devaluation in the average COP/USD exchange rate: +COP$140 billion

§ Purchases, mainly higher imports of diesel, naphtha and gasoline (+14.5 mbd): +COP$68 billion.

o Hydrocarbon transport costs (+COP$140 billion) due to: 1) payment of Bicentenario pipeline shipping fee starting November of 2013, 2) payment of the dilution service for the transportation of crude from the Rubiales pumping station, provided by ODL starting July of 2013.

b) Decreases in:

o Use of inventories due to lower sales, generating a lower cost of sales of -COP$494 billion.

· Fixed costs:increase of 0.8% (+COP$16 billion) as a result mainly of the following:

a) Increases in:

o Oil pipeline and well maintenance: +COP$42 billion.

o Labor costs because of an increase in staffing, coupled with increases in retention policies: +COP$37 billion.

o Partnership Contracted Services: +COP$19 billion.

b) Reductions in:

o Non-deductible VAT: -COP$21 billion.

o Lower costs of non-capitalized projects: -COP$82 billion.

Operating expenditures rose by COP$122.5 billion (+15.9%), owing mainly to:

· Exploratory expenditures: +COP$91 billion.

· Dock services: +COP$52 billion.

· Customs operation: +COP$33 billion.

· Other factors, mainly services and projects: +COP$21 billion.

· Lower provisions: -COP$74 billion.

Theoperating margin of the second quarter was 28% versus 32% in the same period of 2013.

Thenon-operatingresult registered a drop in earnings of -COP$39 billion, as the net result of:

· Lower affiliated company profits: -COP$146 billion. According to the equity method, COP$133 billion in income was recorded in second quarter 2014 compared to COP$280 billion in second quarter of 2013. This decline was the result of:

o Exploration and Production (-COP$88 billion): 1) Ecopetrol America Inc., which reported two dry wells during the period (Logan 1 and Deep Nansen) and lower profit of Equion, -COP$46 billion, partially offset by 2) Higher profit by Hocol of +COP$75 billion, higher results of OIG of COP$22 billion, and lower losses of Ecopetrol Oleo e Gas do Brasil of COP$113 billion.

o Refining, petrochemicals and biofuels (-COP$64 billion): Mainly the higher losses of 1) Reficar (-COP$40 billion) from the lower sales due to the plant shutdown and higher depreciations; and, 2) Bioenergy (-COP$27 billion), principally from sugar cane loss and other costs.

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Equity Method: Net income per segment
(COP$ billion)
	2Q 2014			2Q 2103			1H 2014			1H 2013
Exploration and Production		(144.0	)		(56.0	)		(21.0	)		(7.0	)
Refining		(112.0	)		(47.0	)		(223.0	)		(175.0	)
Transportation		348.0			353.0			942.0			569.0
Corporate		41.0			31.0			59.0			46.0
Total		133.0			281.0			757.0			433.0

· Positive exchange rate difference resulting from the year to date revaluation of the COP/USD (mark to market of net dollar balance): +COP$289 billion.

· Lower expenditures on retiree health and education: +COP$19 billion

· Higher portfolio mark to market: +COP$14 billion.

· Lower income from the sale of property and equipment: -COP$155 billion (in the second quarter of 2013 the fields Difícil, Guarimena and Entrerríos were divested).

· Higher interest expenses from debt raised in 2013 and 2014: -COP$65 billion

The 20% reduction (-COP$379 billion) in theincome tax expenditure was mainly driven by the lower earnings.

Net incomeamounted to COP$2,848 billion decreasing 12%. Net margin was 19% vs 21%.EBITDA fell 7%, andEBITDA margin was 45%, compared to 48% in the second quarter of last year.

e. Cash Flow

COP$ Billion*	2Q 2014			2Q 2013			1H 2014			1H 2013
Initial Cash		5,338.9			8,588.6			5,105.4			10,693.1
Cash generated from operations (+)		15,236.9			15,975.1			30,697.9			30,774.5
Cash used in operations (-)		(12,939.0	)		(15,081.8	)		(24,335.3	)		(25,366.6	)
Capex (-)		(2,788.3	)		(3,147.5	)		(5,893.1	)		(6,128.4	)
Acquisitions (-)		-			-			-			-
Dividend payments (-)		(1,230.3	)		(2,956.9	)		(2,540.1	)		(6,872.3	)
Equity offering (+)		-			-			-			-
New debt (+)		3,919.4			284.9			4,004.0			284.9
Other inflows (+/-)		362.9			554.4			861.7			831.6
Final Cash		7,900.5			4,216.8			7,900.5			4,216.8

Note: the exchange difference was included in the line “Other inflows”

*For reporting purposes, the balances in US$ are converted to COP$ monthly 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

** The Capex figures differ from those in the exhibit “Invest Plan” (pg. 15) and in the Cash Flow Statement (pg.28) because they are estimated based on outflows as reported in the company´s bank statements, and do not consider accounting accruals. Opex outflows are included in “Cash used in operations”.

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f. Balance Sheet

Unconsolidated Balance Sheet
(COP$ Billion)	June 30, 2014		March 31, 2014		∆ $			∆ (%)
Current Assets		22,646.1		22,967.4		(321.3	)		(1.4	)%
Long Term Assets		94,897.8		92,689.5		2,208.3			2.4	%
Total Assets		117,543.9		115,656.9		1,887.0			1.6	%
Current Liabilities		22,660.8		27,236.2		(4,575.4	)		(16.8	)%
Long Term Liabilities		27,502.6		23,952.1		3,550.5			14.8	%
Total Liabilities		50,163.4		51,188.3		(1,024.9	)		(2.0	)%
Equity		67,380.5		64,468.6		2,911.9			4.5	%
Total Liabilities and Equity		117,543.9		115,656.9		1,887.0			1.6	%
Debit Memorandum accounts		149,866.1		137,518.3
Credit Memorandum accounts		100,909.6		98,985.3

Some March figures were reclassified for the sake of comparison with June figures

In the second quarter of 2014, assets increased by +COP$1,887.0 billion because of:

a) A decrease in current assets of -COP$321.3 billion caused by:

o Decrease in advances, prepayments and deposits in the amount of -COP$2,179 billion, mainly after 1) applying the prepayment of income tax corresponding to the second and third installments in April and June, respectively, for -COP$2,913 billion, offset in part by 2) an advance to official entities for taxes, advances in partnership operations and advances for hydrocarbon transport of +COP$734 billion.

o Lower receivables from the Stabilization Fund of fuel prices for the payment corresponding to the the fourth quarter of 2012, and to the first and second quarters of 2013: -COP$625 billion.

o An increase in temporary investments explained by purchase of debt securities and fund-raising instruments using proceeds primarily from the US$2.0 billion bond offering May of 2014: +COP$3,294 billion

b) Non-current assets increased +COP$2,208 billion, as a result of:

o Increase in permanent investments of +COP$1,185 billion owing to: 1) Equity investments of +COP$1,077 billion, especially capitalizations in Andean Chemical for COP$306 billion and Ecopetrol Global Energy for COP$350 billion; 2) investment in long-term securities for COP$108 billion.

o Increase in natural and environmental resources of +COP$2,838 billion due to 1) exploration projects amounting to COP$1,945 billion that were transferred from property, plant and equipment, and 2) capitalizations in the second quarter for COP$954 billion, mainly from well drilling and workovers in the Castilla, Pauto, Casabe, Rubiales, Cusiana, La Cira Infantas and Moriche fields.

o Lower value in property, plant and equipment of COP$1,823 billion caused mainly by: 1) transfer of COP$1,945 billion into natural and environmental resources owing to recognition of exploration projects associated with the execution of wells under development, partially offset by 2) capitalizations for COP$102 billion during the quarter, in the Rubiales, Cusiana, Castilla, Chichimene, Casabe, La Cira Infantas fields, among others.

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As of the end of the second quarter, liabilities represented 43% of assets, and decreased by -COP$1,025 billion, compared to March 31 of 2014, due mainly to:

o Lower taxes, rates and contributions payable for –COP$4,462 billion mainly due to: 1) Lower income tax payable of –COP$3,996 billion with application of the provision for the payment of the April and June installments, and 2) payment of the equity tax for COP$238 billion.

o Increase in financial obligations for COP$3,631 billion: 1) international bond offering in May for COP$3,835 billion (USD$2.0 billion), and 2) Disbursements from Exim Bank in April and June for $COP 125 billion (US$ 66 million).

Equity amounted to COP$67,380 billion, with an increase of +COP$2,911 billion compared to March 2014, explained by: 1) quarterly net income of COP$2,847 billion, and 2) increase in surplus in the equity method for COPS$54 billion.

g. Risk rating

During the second quarter of 2014, the risk rating agency Standard & Poor’s maintained its long-term international rating of BBB with Stable outlook.

Ecopetrol S.A.’s ratings as of June 30, 2014, in local and foreign currency can be reviewed on the Moody’s Investors Services, Standard & Poor’s and Fitch Ratings websites.

h. Financing

The following is the summary of the international debt bond offering for US$2 billion:

Term:	31 years
Maturity date:	May 28 of 2045
Amount:	US$2.0 billion
Amortization:	Bullet
Price:	99.336
Yield:	5.922%
Spread to Benchmark U.S. Treasury Bond:	255 basis points
Coupon rate:	5.875%
Interest payment date:	May 28 and November 28 commencing on November 28, 2014
Ratings: Moodys S&P Fitch	Baa2 BBB BBB

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II. Consolidated Financial Results²

a. Income Statement and Balance sheet

Consolidated Income Statement
(COP$ Billion)	2Q 2014*			2Q 2013*			∆ ($)			∆ (%)			1H 2014*			1H 2013*			∆ ($)			∆ (%)
Local Sales		6,436.2			5,691.8			744.4			13.1	%		12,315.7			11,430.0			885.7			7.7	%
Export Sales		10,602.3			11,296.5			(694.2	)		(6.1	)%		22,337.2			21,776.0			561.2			2.6	%
Sales of services		710.8			607.3			103.5			17.0	%		1,358.2			1,135.3			222.9			19.6	%
Total Sales		17,749.3			17,595.6			153.7			0.9	%		36,011.2			34,341.3			1,669.9			4.9	%
Variable Costs		8,604.3			8,016.2			588.1			7.3	%		17,035.4			15,773.0			1,262.4			8.0	%
Fixed Costs		2,687.8			2,476.2			211.6			8.5	%		5,098.9			4,539.1			559.8			12.3	%
Cost of Sales		11,292.1			10,492.4			799.7			7.6	%		22,134.3			20,312.1			1,822.2			9.0	%
Gross profit		6,457.2			7,103.2			(646.0	)		(9.1	)%		13,876.9			14,029.2			(152.3	)		(1.1	)%
Operating Expenses		1,536.1			1,176.0			360.1			30.6	%		3,073.0			2,548.1			524.9			20.6	%
Operating Profit		4,921.1			5,927.2			(1,006.1	)		(17.0	)%		10,803.9			11,481.1			(677.2	)		(5.9	)%
Non Operating Profit/Loss		28.5			(45.7	)		74.2			(162.4	)%		(202.2	)		(77.3	)		(124.9	)		161.6	%
Income tax		1,979.0			2,262.1			(283.1	)		(12.5	)%		4,090.1			4,256.9			(166.8	)		(3.9	)%
Minority interest		183.1			211.9			(28.8	)		(13.6	)%		436.7			327.7			109.0			33.3	%
Net Income		2,787.5			3,407.5			(620.0	)		(18.2	)%		6,074.9			6,819.2			(744.3	)		(10.9	)%
EBITDA		6,681.6			7,516.1			(834.5	)		(11.1	)%		14,474.6			15,112.6			(638.0	)		(4.2	)%
EBITDA Margin		38	%		43	%								40	%		44	%

* Not audited

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

Local and export sales of 2013 were reclassified as a result of eliminations of Reficar sales in the consolidation of financial results

Consolidated Balance Sheet
(COP$ Billion)	June 30, 2014		March 31, 2014		∆ $			Δ (%)
Current Assets		30,730.2		30,406.0		324.2			1.1	%
Long Term Assets		106,400.6		104,098.9		2,301.7			2.2	%
Total Assets		137,130.8		134,504.9		2,625.9			2.0	%
Current Liabilities		26,397.8		31,559.7		(5,161.9	)		(16.4	)%
Long Term Liabilities		39,212.4		35,161.0		4,051.4			11.5	%
Total Liabilities		65,610.2		66,720.7		(1,110.5	)		(1.7	)%
Equity		66,504.4		63,053.2		3,451.2			5.5	%
Minority interest		5,016.2		4,731.0		285.2			6.0	%
Total Liabilities and Equity		137,130.8		134,504.9		2,625.9			2.0	%
Debit Memorandum accounts		167,790.8		157,551.7
Credit Memorandum accounts		99,617.8		100,831.2

Some March figures were reclassified for the sake of comparison with June figures

The highest contributions tototal sales by affiliates individually (without the effect of eliminations) in second quarter of 2014 came from Hocol, COP$1,057 billion, Cartagena Refinery (Reficar) COP$1,040 billion, Cenit COP$734 billion, Equion COP$707 billion, Ocensa COP$666 billion, Propilco COP$380 billion, and Bicentenario COP$209 billion.

²For purposes of consolidation of the second quarter of 2014, 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 y Logística de Hidrocarburos S.A.S. (“Cenit”).

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Thehighest earnings of each of the companies of the group (before eliminations) came from of Cenit COP$348 billion, Ocensa COP$324 billion, Equion COP$100 billion, Hocol COP$99 billion, Bicentenario COP$67 billion, ODC COP$41 billion, and ODL COP$31 billion. The highest net losses were reported by Ecopetrol América Inc. COP$340 billion, and Reficar COP$131 billion.

Ecopetrol del Perú, Ecopetrol Oleo & Gas do Brasil, Ecopetrol America and Bioenergy have no earnings to report either because they are in the pre-operating stage or are carrying out exploratory activities with no production as of yet (with the exception of Ecopetrol America).

In midstream, the financial results of all affiliates are consolidated at the business group level. Therefore, the financial information presented for Cenit corresponds to its individual results, and the earnings of the other transportation companies are accounted under the equity method.

By means of the equity participation method, Offshore International Group generated income of COP$41.9 billion, Invercolsa COP$21.4 billion, Ecodiesel, COP$5.6 billion, and Transgas, COP$1.2 billion.

ConsolidatedEBITDA for second quarter 2014 was COP$6,682 billion, equivalent to anEBITDA margin of 38%.

b. Segment results

Quarterly Results by Segment

	E&P						Refining & Petrochem.						Transportation and Logistics						Eliminations						Ecopetrol Consolidated
COP$ Billion	2Q 2014			2Q 2103			2Q 2014			2Q 2103			2Q 2014			2Q 2103			2Q 2014			2Q 2103			2Q 2014			2Q 2103
Local Sales		1,876			2,207			5,796			5,089			218			49			(1,453	)		(1,653	)		6,436			5,692
Export Sales		9,337			10,361			1,358			2,177			-			4			(93	)		(1,245	)		10,602			11,297
Sales of services		20			28			-			36			1,597			1,796			(907	)		(1,253	)		711			607
Total Sales		11,233			12,595			7,154			7,302			1,816			1,849			(2,453	)		(4,151	)		17,749			17,595
Variable Costs		4,618			4,675			6,332			6,569			101			126			(2,446	)		(3,354	)		8,604			8,016
Fixed Costs		1,441			1,372			469			460			778			979			(0	)		(334	)		2,688			2,476
Cost of Sales		6,059			6,046			6,801			7,029			878			1,105			(2,446	)		(3,687	)		11,292			10,493
Gross profit		5,174			6,549			353			273			937			744			(7	)		(463	)		6,457			7,103
Operating Expenses		1,011			681			390			283			135			212			-			0			1,536			1,176
Operating Profit		4,163			5,868			(37	)		(10	)		803			532			(7	)		(463	)		4,921			5,927
Non Operating Profit/Loss		176			101			(90	)		(137	)		(51	)		10			(7	)		(20	)		29			(46	)
Income tax benefits (expense)		(1,798	)		(2,155	)		(50	)		167			(122	)		(273	)		(8	)		(1	)		(1,979	)		(2,262	)
Minority interest		(49	)		(93	)		3			1			(137	)		(119	)		-			(1	)		(183	)		(212	)
Net Income		2,492			3,722			(174	)		21			492			149			(23	)		(485	)		2,787			3,407
EBITDA		5,759			6,742			201			113			742			936			(21	)		(275	)		6,682			7,517
EBITDA Margin		51.3	%		53.5	%		2.8	%		1.6	%		40.9	%		50.6	%		0.8	%		6.6	%		37.6	%		42.7	%

Some reclasifications  between fixed and variable cost were maden in 2013 and 2014 as a result of the cost distribution in the partnership contracts        

Accumulated Results by Segment

	E&P						Refining & Petrochem.						Transportation and Logistics						Eliminations						Ecopetrol Consolidated
COP$ Billion	1H 2014			1H 2013			1H 2014			1H 2013			1H 2014			1H 2013			1H 2014			1H 2013			1H 2014			1H 2013
Local Sales		3,795			4,320			11,173			10,531			488			369			(3,140	)		(3,790	)		12,316			11,430
Export Sales		19,933			20,253			3,201			4,117			-			6			(797	)		(2,600	)		22,337			21,776
Sales of services		37			43			6			63			3,270			2,807			(1,954	)		(1,778	)		1,358			1,135
Total Sales		23,764			24,616			14,380			14,711			3,757			3,182			(5,890	)		(8,168	)		36,011			34,341
Variable Costs		10,071			9,351			12,733			13,621			222			206			(5,990	)		(7,405	)		17,035			15,773
Fixed Costs		2,759			2,494			924			845			1,416			1,534			(0	)		(334	)		5,099			4,539
Cost of Sales		12,830			11,845			13,657			14,466			1,638			1,740			(5,990	)		(7,739	)		22,134			20,312
Gross profit		10,934			12,771			723			245			2,120			1,442			100			(429	)		13,877			14,029
Operating Expenses		2,083			1,474			735			623			255			451			(0	)		0			3,073			2,548
Operating Profit		8,851			11,297			(12	)		(378	)		1,864			991			100			(429	)		10,804			11,481
Non Operating Profit/Loss		93			244			(194	)		(271	)		(98	)		(20	)		(3	)		(30	)		(202	)		(77	)
Income tax benefits (expense)		(3,482	)		(4,031	)		(11	)		242			(598	)		(467	)		2			(1	)		(4,090	)		(4,257	)
Minority interest		(131	)		(119	)		3			1			(308	)		(209	)		-			(1	)		(437	)		(328	)
Net Income		5,330			7,391			(214	)		(406	)		860			295			99			(461	)		6,075			6,819
																												��
EBITDA		12,028			13,801			562			26			1,800			1,528			86			(242	)		14,475			15,113
EBITDA Margin		50.6	%		56.1	%		3.9	%		0.2	%		47.9	%		48.0	%		(1.5	)%		3.0	%		40.2	%		44.0	%

Some reclasifications  between fixed and variable cost were maden in 2013 and 2014 as a result of the cost distribution in the partnership contracts        

Exploration and Production

Earnings for the second quarter of 2014 decreased 11%, due mainly to the decline in crude sales because of lower production, and lower purchased and traded volumes.

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Cost of sales for the second quarter was 0.2% higher due to:

· A 5% rise in fixed cost: 1) higher depreciation from new assets, and 2) increase in surface maintenance in Castilla and Chichimene fields.

· A 1% reduction in variable costs from lower purchases of crude for trading.

A 48% rise in operating expenditures, principally due to:

· Additional security services to protect fields.

· Higher exploration expenditures from dry wells (manly Deep Nansen and Goliat).

As a result of the above, net income for the segment fell 33% versus the second quarter of 2013.

Refining and Petrochemical

Earnings for second quarter 2014 fell by 2% compared to the same period of last year. Although there was an increase in national sales due to greater demand for fuels and increased deliveries of petrochemical and industrial products, export sales dropped due to the Cartagena refinery scheduled shut down since March 2014 in preparation for the new refinery.

Segment cost of sales decreased 3% compared to same period of last year, due to the lower price of feedstock for the Barrancabermeja refinery (heavier feedsctock), and no purchases of crude in Reficar owing to the shutdown of the refinery, all of which offset the higher imports of fuels to meet demand.

Operating expenditures during the second quarter 2014 were up by 38% in relation to the same period of last year, due to Reficar maintenance expenditures, and depreciation and amortization, no longer considered a cost but an expense following the refinery’s shutdown, and project costs corresponding to the delivery and receipt of the new refinery.

Non-operating results improved by 34% owing to lower retiree health expenditures and the favorable effect of the exchange rate difference of dollar-denominated debt (effect of the revaluation in the second quarter of 2014). As a result, the segment recorded a net loss of COP$174 billion.

Transportation

Earnings for the second quarter of 2014 decreased 2% owing to the lower volumes transported caused by the attacks that mainly affected the Caño Limón–Coveñas and Transandino oil pipelines. This decrease, however, was partially offset by the start-up of operations of the Bicentenario oil pipeline in November of 2013, which increased earnings in the second quarter by COP$0.1 trillion.

The segment’s cost of sales dropped 21% due to the change in the scheduling of maintenance work, which was postponed until the second quarter of the year, and energy costs were down because of the lower volume transported. These decreases were offset in part by the higher cost from the start-up of operations of the Bicentenario oil pipeline as well as the costs of repairing the damage from the attacks on transport infrastructure during the second quarter of 2014.

As a result of the above, net income for the segment recorded a positive variation of COP$343 billion compared to the second quarter of last year.

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III. Operating Results

a. Investment plan

Ecopetrol´s Capex:

Capex* (US$ million) 1H 2014
Business Unit	Ecopetrol S.A.			Affiliates and Subsidiaries***		Total		Allocation by segment
Production		1,437.2			232.6		1,669.8		48.1	%
Refining, Petrochemicals and Biofuels		99.8			761.5		861.3		24.8	%
Exploration		251.8			319.6		571.4		16.5	%
Transportation		36	**		287.4		323.4		9.3	%
Corporate		40.0			0.0		40.0		1.2	%
Supply and Marketing		2.5			0.0		2.5		0.1	%
Total		1,867.3			1,601.1		3,468.4		100.0	%

*The figures shown in the Investment Plan exhibit differ from the Capex figure shown in the Cash Flow statement in pg 28. Investments in this section´s exhibit include Opex and Capex flows of investment projects, while in the Cash Flow Statement includes only Capex.

** Cenit reimburses Ecopetrol these investments

*** Prorated according to Ecopetrol’s stake

During the first half of 2014, the corporate group invested US$3,468.4 million (53.8% in Ecopetrol S.A. and 46.2% in affiliates and subsidiaries).

Capex was allocated primarily to the following projects:

1) Production: a) construction of facilities mainly in the Castilla, Chichimene and Rubiales fields and b) drilling activities primarily in the Orinoquia region.

2) Downstream: Modernization project of the Cartagena refinery and the Barrancabermeja refinery Industrial Services Master Plan and the

3) Exploration: acquisition of seismic and drilling of exploratory, stratigraphic and appraisal wells.

b. Exploration

Exploration in Colombia (Ecopetrol S.A. and Hocol S.A.):

A3 Drilling in Colombia
	2Q 2014								1H 2014
Company	Drilled		Hydrocarbon Presence*		In evaluation		Dry		Drilled		Hydrocarbon Presence*		In evaluation		Dry
Ecopetrol S.A.		4		0		0		4		9		1		1		7
Hocol S.A.		0		0		0		0		2		0		0		2
Total		4		0		0		4		11		1		1		9

*geological success

Additionally, during the second quarter one stratigraphic and five appraisal wells (A1) were drilled.

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International exploration:

U.S. Gulf of Mexico (Ecopetrol América Inc):

During the second quarter of 2014, the drilling of two the exploratory wells were finalized: 1) Aleatico #2 well (Rydberg) operated by Shell and in which Ecopetrol has 28.5% interest, this well at the end of the quarter was under evaluation and determined to be successful in July, and 2) Deep Nansen (operated by Anadarko and in which Ecopetrol has 15% interest) which had presence of hydrocarbons but was declared non-commercial.

As of June 30, three exploratory wells were being drilled: 1) Leon (operated by Repsol and in which Ecopetrol has 40% interest), 2) K2 Exploration Tail (operated by Anadarko and in which Ecopetrol has a 9.2% interest), and 3) Titan (operated by Murphy and in which Ecopetrol has 30% interest).

Angola:

As part of the strategy of diversifying and strengthening its international exploration portfolio, Ecopetrol S.A. created a new subsidiary in Frankfurt am Main (Germany), which will incorporate a new subsidiary in Angola. Ecopetrol S.A. holds an indirect share interest of 100%.

Ecopetrol Germany GmbH reached an agreement with the Norwegian company Statoil to acquire a 10% participation in the blocks 38/11 and 39/11 in the Kwanza basin, located offshore Angola (Africa). The agreement is subject to approval by Sonangol E&P, the Angolan Petroleum Ministry and the other partners in each block.

The negotiation includes participation in the well Dilolo-1 on block 39/11, where drilling began in June 2014. Later the company will be participating in a second well on block 38/11, with drilling is expected to begin in the fourth quarter of this year.

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c. Production

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

Gross* Oil and Gas Production

Ecopetrol S.A. (mboed)	2Q 2014		2Q 2013		∆ (%)			∆ (bls)			1H 2014		1H 2013		∆ (%)			∆ (bls)
Crude Oil		561.4		606.5		(7.4	)%		(45.1	)		574.7		613.5		(6.3	)%		(38.8	)
Natural Gas**		123.5		125.7		(1.8	)%		(2.2	)		126.5		125.5		0.8	%		1.0
Total		684.9		732.2		(6.5	)%		(47.3	)		701.2		739.0		(5.1	)%		(37.8	)

Hocol (mboed)	2Q 2014		2Q 2013		∆ (%)			∆ (bls)			1H 2014		1H 2013		∆ (%)			∆ (bls)
Crude Oil		22.2		20.5		8.3	%		1.7			22.4		21.0		6.7	%		1.4
Natural Gas		0.1		0.3		(66.7	)%		(0.2	)		0.2		0.2		0.0	%		0.0
Total		22.3		20.8		7.2	%		1.5			22.6		21.2		6.6	%		1.4

Savia (mboed)	2Q 2014		2Q 2013		∆ (%)			∆ (bls)		1H 2014		1H 2013		∆ (%)			∆ (bls)
Crude Oil		6.2		5.8		6.9	%		0.4		6.1		5.6		8.9	%		0.5
Natural Gas		0.3		0.1		200.0	%		0.2		0.4		0.2		100.0	%		0.2
Total		6.5		5.9		10.2	%		0.6		6.5		5.8		12.1	%		0.7

Equion (mboed)	2Q 2014		2Q 2013		∆ (%)			∆ (bls)			1H 2014		1H 2013		∆ (%)			∆ (bls)
Crude Oil		9.9		10.3		(3.9	)%		(0.4	)		9.9		10.8		(8.3	)%		(0.9	)
Natural Gas		7.6		7.5		1.3	%		0.1			7.7		6.8		13.2	%		0.9
Total		17.5		17.8		(1.7	)%		(0.3	)		17.6		17.6		0.0	%		0.0

Ecopetrol America-K2 (mboed)	2Q 2014		2Q 2013		∆ (%)			∆ (bls)			1H 2014		1H 2013		∆ (%)			∆ (bls)
Crude Oil		1.0		1.3		(23.1	)%		(0.3	)		1.3		1.3		0.0	%		0.0
Natural Gas		1.9		0.1		1,800.0	%		1.8			1.0		0.2		400.0	%		0.8
Total		2.9		1.4		107.1	%		1.5			2.3		1.5		53.3	%		0.8

Ecopetrol including affiliates and subsidiares (mboed)	2Q 2014		2Q 2013		∆ (%)			∆ (bls)			1H 2014		1H 2013		∆ (%)			∆ (bls)
Crude Oil		600.7		644.4		(6.8	)%		(43.7	)		614.4		652.2		(5.8	)%		(37.8	)
Natural Gas		133.4		133.7		(0.2	)%		(0.3	)		135.8		132.9		2.2	%		2.9
Total Group's production		734.1		778.1		(5.7	)%		(44.0	)		750.2		785.1		(4.4	)%		(34.9	)

* Gross production includes royalties

** Gas production includes white products

During the second quarter 2014, total production by Ecopetrol and its affiliates and subsidiaries fell by 5.7% compared to the same period of 2013, as a consequence of: 1) attacks on transport infrastructure and unscheduled stoppages, 2) operational problems due to blockages from communities, 3) delays in the development of facilities in key projects and 4) scheduled maintenance.

Increased Recovery Factor Projects:

The milestones of the second quarter were the following:

· Beginning of the water injection pilot project at the Chichimene field (Llanos Orientales).

· Agreement with Occidental Andina to develop of a steam injection project at the Teca-Cocorná field (Magdalena Valley).

· Progress in the air injection pilot in Chichimene field (injection expected to begin by end of year).

· Progress in the steam injection pilot in Caño Sur field (basic and conceptual engineering expected to be completed by end of year).

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Production of main fields:

Average production main fields per region (mboed)
	2Q 2014		2Q 2013		Δ (%)			1H 2014		1H 2013		Δ (%)
Mid Magdalena Region		113.5		110.1		3.1	%		113.9		110.1		3.5	%
100% EC Assets
1) La Cira - Infantas Field		24.2		23.0		5.2	%		24.6		23.1		6.5	%
2) Casabe Field		22.0		23.7		(7.2	)%		21.7		23.7		(8.4	)%
3) Yarigui Field		17.6		15.6		12.8	%		17.3		15.4		12.3	%
4) Other Fields		24.0		22.2		8.1	%		24.4		22.4		8.9	%
Assets in partnership*
1) Nare Field		17.7		17.4		1.7	%		17.8		17.2		3.5	%
2) Palagua and other fields		8.0		8.2		(2.4	)%		8.1		8.3		(2.4	)%
Central Region		177.6		187.0		(5.0	)%		177.5		193.2		(8.1	)%
100% EC Assets
1) Castilla Field		103.0		114.4		(10.0	)%		103.4		117.4		(11.9	)%
2) Chichimene Field		49.3		49.8		(1.0	)%		48.3		52.0		(7.1	)%
3) Apiay and other fields		25.3		22.8		11.0	%		25.8		23.8		8.4	%
Assets in partnership*		N/A		N/A		N/A			N/A		N/A		N/A
Eastern Region		148.4		157.3		(5.7	)%		150.9		155.9		(3.2	)%
100% EC Assets
1) Caño Sur and other fields		2.0		1.0		100.0	%		1.8		0.8		125.0	%
Assets in partnership*
1) Rubiales Field		109.1		120.7		(9.6	)%		109.9		120.9		(9.1	)%
2) Quifa Field		31.4		30.1		4.3	%		33.3		28.7		16.0	%
3) Other Fields		5.9		5.5		7.3	%		5.9		5.5		7.3	%
North Eastern Region		152.5		158.1		(3.5	)%		155.9		158.9		(1.9	)%
100% EC Assets
1) Cupiagua Field		38.8		27.9		39.1	%		37.6		32.8		14.6	%
2) Gibraltar and other fields		3.1		6.1		(49.2	)%		4.7		6.3		(25.4	)%
Assets in partnership*
1) Guajira Field		51.3		59.9		(14.4	)%		53.5		59.0		(9.3	)%
2) Cusiana Field		34.1		32.9		3.6	%		33.8		32.4		4.3	%
3) Piedemonte and other fields		25.2		31.3		(19.5	)%		26.3		28.4		(7.4	)%
Catatumbo Orinoquia Region		32.3		54.8		(41.1	)%		42.0		56.6		(25.8	)%
100% EC Assets
1) Tibu, Sardinara and other fields		2.9		2.8		3.6	%		3.0		3.1		(3.2	)%
Assets in partnership*
1) Caño Limón Field		15.4		35.1		(56.1	)%		24.5		35.6		(31.2	)%
2) Rancho Hermoso and other fields		14.0		16.9		(17.2	)%		14.5		17.9		(19.0	)%
Southern Region		55.2		58.0		(4.8	)%		56.0		57.5		(2.6	)%
100% EC Assets
1) San Francisco Field		9.3		10.0		(7.0	)%		9.5		10.0		(5.0	)%
2) Huila Area		9.0		8.5		5.9	%		9.2		8.7		5.7	%
3) Tello and other fields		16.9		17.0		(0.6	)%		17.0		16.5		3.0	%
Assets in partnership*
1) Guando Field		8.2		9.3		(11.8)	%		8.1		9.4		(13.8	)%
2) Cohembi and other fields		11.8		13.2		(10.6	)%		12.2		12.9		(5.4	)%
Minor Fields Region		5.4		6.9		(21.7	)%		5.0		6.8		(26.5	)%
100% EC Assets		3.2		3.5		(8.6)	%		2.8		3.5		(20.0	)%
Assets in partnership*		2.2		3.4		(35.3	)%		2.2		3.3		(33.3	)%

* Ecopetrol´s net interest

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Ecopetrol S.A. production per type of crude:

Production per type of crude*
mbod
	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
Light		44.4		49.0		(9.4	)%		45.2		50.8		(11.0	)%
Medium		189.6		214.5		(11.6	)%		200.3		216.6		(7.5	)%
Heavy		327.4		343.0		(4.5	)%		329.2		346.1		(4.9	)%
Total		561.4		606.5		(7.4	)%		574.7		613.5		(6.3	)%

 * Does not include subsidiaries

Lifting cost of Ecopetrol S.A.:

Lifting cost per equivalent barrel (produced by Ecopetrol S.A.) during the first half of 2014 was US$11.07 (based on the U.S. SEC methodology, not including royalties), US$0.78 per barrel more than in the same period of last year. This change was the net result of:

· Higher costs (+US$1.12 per barrel) due to: 1) management and disposal of water, 2) surface and subsoil maintenance activities, 3) safety services, and 4) windfall profit clause which increased the cost of operations in partnership.

· Higher costs (+US$0.46 per barrel) owing to the lower volume of crude produced.

· Lower costs (-US$0.80 per barrel) from devaluation of the COP/USD exchange rate.

d. Transportation

Transported Volumes (mbod)	2Q 2014		2Q 2013		∆ (%)			1H 2014		1H 2013		∆ (%)
Crude		908.2		944.0		(3.8	)%		930.2		950.1		(2.1	)%
Refined Products		248.0		240.0		3.3	%		247.8		239.1		3.6	%
Total		1,156.2		1,184.0		(2.3	)%		1,178.0		1,189.2		(0.9	)%

In the second quarter of 2014, the total volume of crude transported by Cenit’s system and those of its affiliates fell by 3.8% compared to the same quarter of last year, owing mainly to unrests and attacks on infrastructure, which mainly affected the Caño Limón- Coveñas, Bicentenario and Oleoducto Transandino systems. Out of the total volume of crude transported by oil pipeline, approximately 74.6% was Ecopetrol’s crude.

As for refined products, the volumes transported by Cenit S.A.S. and affiliates during the second quarter of the year increased 3.3% compared to the same period of last year, as a result of a higher volume of naphtha, used for diluting heavy crude, transported thru the Pozos Colorados – Galán system. 48.1% of the total volume transported by product pipelines, belonged to Ecopetrol.

Cost per barrel transported:

Ecopetrol’s cost per barrel transported during the first half of 2014 was US$7.14 per barrel, which, compared to the result of US$6.31 per barrel for the same period last year, generated an increase of US$0.83 per barrel, which was the result of:

· Fees (+US$0.96 per barrel):

· Higher costs in third-party transport systems, due to higher shipping fees.

· Higher fees of tank truck services, which increased by approximately US$4.20 per barrel because of the need for longer routes to substitute the Caño Limón-Coveñas and Bicentenario oil pipelines which were shutdown due to attacks.

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· Volumes (+US$0.33 per barrel):

· Lower volumes transported for Ecopetrol between the first half of 2013 and the same period of 2014, the result of capacity constraints in the Caño Limón – Coveñas, Bicentenario and Oleoducto Transandino (OTA) systems because of public order issues.

· Lower costs from the higher COP/USD exchange rate: -US$0.46/barrel.

e. Refining

e.1) Barrancabermeja Refinery:

	2Q 2014			2Q 2013			∆ (%)			1H 2014			1H 2013			∆ (%)
Refinery runs* (mbod)		230.7			219.7			5.0	%		227.0			218.3			4.0	%
Utilization factor (%)		81.9	%		84.3	%		(2.8	)%		82.4	%		82.1	%		0.4	%

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

The refinery’s throughput in the second quarter of 2014 increased because of higher availability of crude and the operational stability of processing units.

The utilization factor decreased in the second quarter of 2014 owing to implementation of an operating plan in the second quarter of 2013 with two viscosity reduction units, which generated a higher utilization factor in the 2013 quarter.

The Industrial Services Master Plan reached 89% completion as of June 30, 2014, among whose highlights was the continuation of the construction of works at the Cogeneration Unit, which is expected to be operational by the first quarter of 2015.

Costs and margins of the Barrancabermeja Refinery

The cash operating cost of the refinery for the first half of 2014 was US$6.15 per barrel, US$0.60 per barrel less that in the same period of last year, which was the result of:

· Devaluation of the COP/USD exchange rate: -US$0.44 per barrel.

· Lower costs from higher throughput at the refinery: -US$0.24 per barrel.

· Higher operational costs: +US$0.08 per barrel.

	II trim. 14		II trim. 13		Cambio %			I sem. 14		I sem. 13		Cambio %
Margen de Refinación (USD/bl)		10.9		11.1		(1.8	)%		13.5		12.8		5.5	%

Gross refining margin in the second quarter of 2014 was slightly lower than that of the same period of 2013, due to lower production of gasoline because of the heavier feedstock.

e.2)Reficar (Cartagena Refinery):

	2Q 2014			2Q 2013			∆ (%)			1H 2014			1H 2013			∆ (%)
Refinery runs* (mbod)		0.0			72.6			(100.0	)%		21.0			74.1			(71.7	)%
Utilization factor (%)		0.0	%		84.3	%		(100.0	)%		10.8	%		82.4	%		(86.9	)%

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

The refinery did not operate during the second quarter of 2014 because of the scheduled shutdown of the units since March 3 of this year. Therefore, it did not generate a refining margin in the quarter.

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	II trim. 14		II trim. 13		Cambio %			I sem. 14		I sem. 13		Cambio %
Margen de Refinación (USD/bl)		0.0		3.7		(100.0	)%		4.8		4.9		(2.0	)%

As of June 30, 2014, the expansion and modernization project was 92.3% complete. The progress in each of the work streams was as follows:

Work Streams	Percentage
Detail engineering		100.0	%
Procurement		99.9	%
Module construction		100.0	%
Construction (began October 2011)		84.8	%

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IV. Organizational Consolidation and Corporate Governance

a. Organizational consolidation

Health, safety and environment:

HSE*	2Q 2014		2Q 2013		1H 2014		1H 2013
Accident frequency index (accidents per million labor hours)		0.90		0.75		0.94		0.90
Environmental incidents		10		5		19		10

*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.

Science and technology:

During the second quarter of 2014, the Superintendence of Industry and Trade granted Ecopetrol on behalf of the Colombian government three invention patents in the following technologies:

· Improved method for acquiring diesel from renewable sources by means of controlling the unsaturation level.

· Process for acquiring soil conditioner organic-mineral fertilizer from vinasse from the alcohol-Ecocarbovin industry.

· Triggering mechanism for smooth rod rotators in mechanical pumping units.

Recognitions:

Gold prize for the best intellectual property department in Latin America, presented in New York at the 7th International Legal Alliance Summit & Awards.

b. Corporate Responsibility

Social investment:

In the first half of 2014, social investments amounted to COP$12,418 million, and were allocated as follows: 1) COP$3,657 million for education and culture, 2) COP$4,536 million for regional competitiveness, and 3) COP$4,225 million for education and culture.

Stakeholders:

The main milestones of the second quarter of 2014 were the following:

· A public hearing on accountability in Facatativá (Cundinamarca) attended by some 500 people, among them community leaders, workers, housewives, students and regional leaders.

· Roundtables with special interest groups in Facatativá, Villeta, Albán, Toledo, Chinácota, Talaigua Nuevo, Monterrey, Maní and Yopal. The topics discussed were social investment, environmental management, hiring of local labor, among others.

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V. Conference Calls

Ecopetrol’s management will host two conference calls to review the second quarter of 2014 results:

Spanish	English
August 5, 2014	August 5, 2014
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 to download any necessary software and to check the proper operation of the webcast in your browser. We recommend using the latest versions of Internet Explorer (V.11), Google Chrome and Mozilla Firefox (V.28).

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 worth. 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, Bionergy 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 Germany GmbH, Ecopetrol Capital AG, 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, 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 (NYSE) 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, petrochemicals and biofuels.

Forwarding-Looking Statements

This news release may contain forward-looking statements related to the prospects of the business, estimates of 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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23

VI. Additional Exhibits

Income Statement

Ecopetrol S.A.

COP$ Million	2Q 2014*			2Q 2013*			1Q 2014*			1H 2014*			1H 2013*
Income
Local Sales		5,637,345			4,756,710			5,839,825			11,477,170			9,485,159
Export Sales		8,756,940			8,955,104			8,752,838			17,509,778			17,203,285
Sales to free trade zone		103,276			1,211,473			773,156			876,432			2,621,006
Sale of Services		479,044			399,416			375,872			854,916			785,066
Total Income		14,976,605			15,322,703			15,741,691			30,718,296			30,094,516
Cost of Sales
Variable Costs
Purchase of Hydrocarbons		2,955,326			2,857,290			2,907,044			5,862,370			6,154,523
Amortization and Depletion		889,494			926,571			919,104			1,808,598			1,732,738
Imported products		2,297,078			1,829,500			2,449,141			4,746,219			3,764,757
Hydrocarbon Transportation Services		1,384,835			1,245,019			1,397,160			2,781,995			1,967,793
Inventories and other		347,928			755,230			387,720			735,648			775,005
Fixed Costs
Depreciation		325,783			285,711			316,032			641,815			643,183
Contracted Services		754,891			735,244			662,653			1,417,544			1,288,622
Maintenance		412,344			369,852			364,203			776,547			663,100
Labor Costs		345,945			308,956			330,454			676,399			598,237
Other		210,963			333,747			212,494			423,457			571,360
Total Cost of Sales		9,924,587			9,647,120			9,946,005			19,870,592			18,159,318
Gross Profits		5,052,018			5,675,583			5,795,686			10,847,704			11,935,198
Operating Expenses
Administration		176,737			169,792			145,240			321,977			325,111
Selling and operational expenses		551,547			526,666			852,658			1,404,205			1,416,611
Exploration and Projects		162,734			72,027			245,161			407,895			141,095
Operating Income/Loss		4,161,000			4,907,098			4,552,627			8,713,627			10,052,381
Non Operating Income (expenses)
Financial Income		923,123			768,691			1,314,483			2,237,606			1,587,705
Financial Expenses		(591,248	)		(739,006	)		(1,296,101	)		(1,887,349	)		(1,329,884	)
Interest expenses		(166,736	)		(104,843	)		(148,368	)		(315,104	)		(190,583	)
Non Financial Income		49,705			241,950			52,317			102,022			292,243
Non Financial Expenses		(162,206	)		(221,730	)		(175,992	)		(338,198	)		(416,892	)
Results from Subsidiaries		133,027			279,509			624,611			757,638			433,188
Income before income tax		4,346,665			5,131,669			4,923,577			9,270,242			10,428,158
Provision for Income Tax		1,498,819			1,877,863			1,697,749			3,196,568			3,678,669
Minority interest
Net Income		2,847,846			3,253,806			3,225,828			6,073,674			6,749,489
EBITDA		6,770,481			7,302,086			7,704,576			14,475,057			15,048,041
EBITDA MARGIN		45	%		48	%		49	%		47	%		50	%
EARNINGS PER SHARE	$	69.26		$	79.14		$	78.46		$	147.72		$	164.15

* Unaudited

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

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24

Income Statement

Ecopetrol Consolidated

COP$ Million	2Q 2014*			2Q 2013*			1Q 2014*			1H 2014*			1H 2013*
Income
Local Sales		6,436,256			5,691,809			5,879,480			12,315,736			11,429,941
Export Sales		10,602,285			11,296,542			11,734,951			22,337,236			21,776,035
Sale of Services		710,772			607,297			647,466			1,358,238			1,135,300
Total Income		17,749,313			17,595,648			18,261,897			36,011,210			34,341,276
Cost of Sales
Variable Costs
Purchase of Hydrocarbons		3,126,238			3,149,520			3,761,399			6,887,637			7,155,813
Amortization and Depletion		1,021,880			1,062,586			1,039,950			2,061,830			1,999,696
Imported products		3,480,314			2,660,303			3,066,189			6,546,503			5,368,790
Hydrocarbon Transportation Services		425,903			532,010			350,642			776,545			826,245
Inventories and other		549,925			611,814			212,944			762,869			422,506
Fixed Costs
Depreciation		512,663			426,633			511,182			1,023,845			852,263
Contracted Services		819,750			751,107			695,406			1,515,156			1,311,600
Maintenance		553,951			452,060			480,781			1,034,732			822,086
Labor Costs		366,311			328,989			351,956			718,267			638,633
Other		435,080			517,400			371,853			806,933			914,511
Total Cost of Sales		11,292,015			10,492,422			10,842,302			22,134,317			20,312,143
Gross Profits		6,457,298			7,103,226			7,419,595			13,876,893			14,029,133
Operating Expenses
Administration		402,602			317,246			297,961			700,563			541,677
Selling and operational expenses		586,950			575,712			872,900			1,459,850			1,570,933
Exploration and Projects		546,592			283,073			365,998			912,590			435,490
Operating Income/Loss		4,921,154			5,927,195			5,882,736			10,803,890			11,481,033
Non Operating Income (expenses)
Financial Income		1,190,563			1,043,975			1,569,986			2,760,549			1,971,030
Financial Expenses		(854,252	)		(988,598	)		(1,542,513	)		(2,396,765	)		(1,696,337	)
Interest expenses		(230,302	)		(144,251	)		(208,368	)		(438,670	)		(269,794	)
Non Financial Income		49,059			249,356			128,723			177,782			317,806
Non Financial Expenses		(183,640	)		(235,930	)		(192,944	)		(376,584	)		(435,737	)
Results from Subsidiaries		57,043			29,785			14,478			71,521			35,740
Income before income tax		4,949,625			5,881,532			5,652,098			10,601,723			11,403,741
Provision for Income Tax		1,978,974			2,262,057			2,111,150			4,090,124			4,256,861
Minority interest		183,113			211,890			253,567			436,680			327,670
Net Income		2,787,538			3,407,585			3,287,381			6,074,919			6,819,210
EBITDA		6,681,639			7,516,080			7,792,966			14,474,605			15,112,560
EBITDA MARGIN		38	%		43	%		43	%		40	%		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 2013 figures were reclassified for the sake of comparison with 2014 figures

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25

Balance Sheet

	Ecopetrol S.A.				Ecopetrol Consolidated
COP$ Million	June 30, 2014		March 31, 2014		June 30, 2014		March 31, 2014
Assets
Current Assets
Cash and cash equivalents		3,952,429		4,722,884		8,750,742		9,511,484
Investments		3,910,192		615,537		4,874,763		1,330,673
Accounts and notes receivable		6,181,314		6,813,050		6,191,661		6,426,445
Inventories		2,532,926		2,602,048		3,422,177		3,293,102
Other		6,069,266		8,213,918		7,490,855		9,844,335
Total Current Assets		22,646,127		22,967,437		30,730,198		30,406,039
Non Current Assets
Investments		37,903,965		36,719,227		1,809,545		1,693,845
Accounts and notes receivable		1,622,517		1,599,460		821,805		540,144
Property, plant and equipment, net		18,427,939		20,250,706		44,596,695		46,041,973
Natural and environmental properties, Net		21,073,298		18,234,923		25,295,179		21,261,797
Resources delivered to administration		322,061		315,737		382,063		390,556
Other		15,548,039		15,569,480		33,495,279		34,170,558
Total Non Current Assets		94,897,819		92,689,533		106,400,566		104,098,873
Total Assets		117,543,946		115,656,970		137,130,764		134,504,912
Liabilities and Equity
Current Liabilities
Financial obligations		315,704		207,877		825,035		748,134
Accounts payable and related parties		16,518,774		16,832,439		17,996,063		18,236,939
Estimated liabilities and provisions		1,740,111		1,691,007		2,229,074		2,378,960
Other		4,086,265		8,504,910		5,347,618		10,195,669
Total Current Liabilities		22,660,854		27,236,233		26,397,790		31,559,702
Long Term Liabilities
Financial obligations		15,762,796		12,240,060		26,222,107		22,090,642
Labor and pension plan obligations		4,430,862		4,354,346		4,430,862		4,354,346
Estimated liabilities and provisions		4,935,280		4,935,050		5,273,413		5,290,159
Other		2,373,638		2,422,646		3,285,988		3,425,865
Total Long Term Liabilities		27,502,576		23,952,102		39,212,370		35,161,012
Total Liabilities		50,163,430		51,188,335		65,610,160		66,720,714
Minority Interest						5,016,190		4,731,000
Equity		67,380,516		64,468,635		66,504,414		63,053,198
Total Liabilities and Shareholders' Equity		117,543,946		115,656,970		137,130,764		134,504,912
Memorandum Debtor Accounts *		149,866,076		137,518,284		167,790,804		157,551,650
Memorandum Creditor Accounts *		100,909,560		98,985,288		99,617,809		100,831,200

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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26

Cash Flow Statement

Ecopetrol S.A.

COP$ million	2Q 2014*			2Q 2013*			1Q 2014*			1H 2014*			1H 2013*
Cash flow provided by operating activities:
Net income		2,847,846			3,253,806			3,225,828			6,073,674			6,749,489
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		1,303,520			1,333,080			1,329,428			2,632,948			2,570,884
Foreign Exchange		(289,478	)		(261	)		93,976			(195,502	)		(48,877	)
Provision for income tax		-			65,863			-			-			65,863
Net provisions		139,036			234,863			53,923			192,959			343,345
Disposal of property, plant and equipment		-			20,140			-			-			30,888
Recovery of Property, Plant and equipment		-			-			-			-			-
Loss for Good Will		-			-			-			-			-
Loss (gain) valuation of Investments		392			(279,510	)		(1,556	)		(1,164	)		(433,188	)
Loss (Income) from equity method on affiliated companies		(133,027	)		155,575			(624,611	)		(757,638	)		5,530
Net changes in operating assets and liabilities:
Accounts and notes receivable		2,077,792			(647,232	)		(333,768	)		1,744,024			(1,760,956	)
Inventories		12,030			386,619			(43,158	)		(31,128	)		15,927
Deferred and other assets		(134,648	)		(514,771	)		659,193			524,545			(106,660	)
Accounts payable and related parties		1,104,335			989,821			(1,057,286	)		47,049			305,844
Taxes payable		(4,473,217	)		(3,683,400	)		297,434			(4,175,783	)		(3,419,931	)
Labor obligations		44,589			(126,722	)		(21,262	)		23,327			(153,784	)
Estimated liabilities and provisions		(19,668	)		151,176			(115,302	)		(134,970	)		171,862
Cash provided by operating activities		2,479,502			1,339,047			3,462,839			5,942,341			4,336,236
Cash flows from investing activities:
Payment for purchase of Companies, net of cash acquired		(13,005	)		(121,223	)		(1,764	)		(14,769	)		(121,223	)
Purchase of investment securities		(4,984,836	)		(1,882,229	)		(1,471,607	)		(6,456,443	)		(5,355,770	)
Dividends Received		670,381			48,820			-			670,381			48,820
Interest Received		-			-			-			-			-
Redemption of investment securities		591,507			3,872,539			1,002,920			1,594,427			7,918,723
Sale of property, plant and equipment		-			2,000			-			-			2,000
Sale of natural resources		-			100,790			-			-			100,790
Investment in natural and environmental resources		(1,988,964	)		(1,394,922	)		(891,446	)		(2,880,410	)		(1,863,039	)
Additions to property, plant and equipment		(165,550	)		(361,738	)		(74,199	)		(239,749	)		(997,722	)
Net cash generated by investing activities		(5,890,467	)		264,037			(1,436,096	)		(7,326,563	)		(267,421	)
Cash flows from financing activities:
Financial obligations		3,954,311			282,234			61,299			4,015,610			234,240
Capitalization		-			10			43			43			10
Dividends		(1,230,338	)		(2,956,910	)		(1,309,852	)		(2,540,190	)		(6,872,346	)
Net cash used in financing activities		2,723,973			(2,674,666	)		(1,248,510	)		1,475,463			(6,638,096	)
Net increase (decrease) in cash and cash equivalents		(686,992	)		(1,071,582	)		778,233			91,241			(2,569,281	)
Foreign Exchange in cash and cash equivalents		(83,463	)		60,239			43,374			(40,089	)		82,795
Cash and cash equivalents at the beginning of the year		4,722,884			3,784,968			3,901,277			3,901,277			5,260,111
Cash and cash equivalents at the end of the year		3,952,429			2,773,625			4,722,884			3,952,429			2,773,625

NOTES:

* Not audited

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

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27

Cash Flow Statement

Ecopetrol Consolidated

COP$ million	2Q 2014*			2Q 2013*			1Q 2014*			1H 2014*			1H 2013*
Cash flow provided by operating activities:
Net income		2,787,538			3,407,585			3,287,381			6,074,919			6,819,210
Adjustments to reconcile net income to cash provided by operating activities:
Minority interest		183,113			211,890			253,567			436,680			327,670
Depreciation, depletion and amortization		1,695,150			1,448,949			1,728,028			3,423,178			3,123,602
Foreign Exchange		(265,257	)		-			105,520			(159,733	)		-
Provision for income tax		25,687			-			(31,509	)		(5,823	)		-
Net provisions		160,338			380,080			68,918			229,256			396,350
Loss for disposal of property, plant and equipment		337,811			413,618			95,955			433,765			424,366
Recovery of Property, Plant and equipment		-			-			-			-			-
Loss for Good Will		-			-			-			-			-
Loss (gain) valuation of Investments		(7,957	)		-			(4,630	)		(12,587	)		-
Loss (Income) from equity method on affiliated companies		(57,044	)		(29,785	)		(14,478	)		(71,521	)		(35,740	)
Net changes in operating assets and liabilities:
Accounts and notes receivable		1,946,539			(570,431	)		(2,365,212	)		(418,673	)		(1,454,994	)
Inventories		(55,136	)		255,659			(35,332	)		(90,468	)		(111,917	)
Deferred and other assets		(214,897	)		(563,388	)		783,376			568,479			(72,679	)
Accounts payable and related parties		1,829,236			772,599			(732,271	)		1,096,965			(26,656	)
Taxes payable		(4,960,650	)		(3,013,359	)		674,089			(4,286,561	)		(2,812,512	)
Labor obligations		53,518			(118,798	)		(42,479	)		11,039			(168,277	)
Estimated liabilities and provisions		(321,565	)		313,025			(136,025	)		(457,590	)		585,046
Cash provided by operating activities		3,136,424			2,907,644			3,634,898			6,771,325			6,993,469
Cash flows from investing activities:
Payment for purchase of Companies, net of cash acquired		-			-			-			-			-
Purchase of investment securities		(4,471,361	)		(906,782	)		(783,790	)		(5,255,151	)		(4,358,431	)
Dividends Received		44,173			-			-			44,173			-
Redemption of investment securities		696,665			3,576,202			1,135,170			1,831,835			7,948,163
Sale of property, plant and equipment		(5,502	)		103,086			5,502			-			103,087
Sale of natural resources		-			-			-			-			-
Investment in natural and environmental resources		(2,899,331	)		(2,135,411	)		(927,620	)		(3,826,951	)		(3,001,818	)
Additions to property, plant and equipment		(1,130,399	)		(1,510,544	)		(1,239,307	)		(2,369,706	)		(3,316,000	)
Net cash used in investing activities		(7,765,755	)		(873,449	)		(1,810,045	)		(9,575,800	)		(2,624,999	)
Cash flows financing activities:
Minority interest		-			(8,758	)		-			-			-
Financial obligations		5,338,697			562,760			118,104			5,456,801			1,310,405
Capitalization		(0	)		10			43			43			10
Dividends		(1,292,540	)		(3,023,486	)		(1,341,273	)		(2,633,813	)		(6,872,346	)
Net cash used in financing activities		4,046,157			(2,469,474	)		(1,223,126	)		2,823,031			(5,561,931	)
Net increase (decrease) in cash and cash equivalents		(583,174	)		(435,279	)		601,727			18,556			(1,193,461	)
Foreign Exchange in cash and cash equivalents		(177,568	)		-			68,319			(109,252	)		-
Cash and cash equivalents at the beginnig of the year		9,511,484			7,182,508			8,841,438			8,841,438			7,940,690
Cash and cash equivalents at the end of the year		8,750,742			6,747,229			9,511,484			8,750,742			6,747,229

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. Not audited.

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

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28

Reconciliation of EBITDA

Ecopetrol S.A.

COP$ Millions	2Q 2014*		2Q 2013*		1Q 2014*		1H 2014*		1H 2013*
RECONCILIATION NET INCOME TO EBITDA
Net Income		2,847,846		3,253,806		3,225,828		6,073,674		6,749,489
Depreciations, depletions and amortizations		1,303,520		1,310,609		1,329,428		2,632,948		2,570,884
Net Interest		110,377		45,028		90,684		201,060		73,269
Interest, Tax, Depreciations and Amortizations in subsidiaries		807,808		587,864		722,156		1,529,965		1,098,713
Other Taxes		202,111		226,916		638,731		840,842		877,017
Provision for income tax		1,498,819		1,877,863		1,697,749		3,196,568		3,678,669
UNCONSOLIDATED EBITDA		6,770,481		7,302,086		7,704,576		14,475,057		15,048,041

Ecopetrol Consolidated

COP$ Millions	2Q 2014*			2Q 2013*			1Q 2014*			1H 2014*			1H 2013*
RECONCILIATION NET INCOME TO EBITDA
Net income		2,787,539			3,407,585			3,287,381			6,074,920			6,819,210
Depreciations, depletions and amortizations		1,695,153			1,647,605			1,728,028			3,423,178			3,126,913
Net Interest		144,498			87,458			126,435			270,934			159,002
Minority interest		(195,876	)		(152,879	)		(196,346	)		(392,222	)		(288,716	)
Other Taxes		271,352			264,254			736,318			1,007,672			1,039,290
Provision for income tax		1,978,973			2,262,057			2,111,150			4,090,124			4,256,861
CONSOLIDATED EBITDA		6,681,639			7,516,080			7,792,966			14,474,605			15,112,560

* Not audited

Some 2013 figures were reclassified for the sake of comparison with 2014 figures

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29

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)	2Q 2014			2Q 2013			1H 2014			1H 2013
Local Sales		75.8			0.3			98.3			0.4
Export Sales		981.9			543.4			2,276.7			1,314.3
Sales of services		-			-			-			-
Total Sales		1,057.7			543.7			2,375.0			1,314.7
Variable Costs		741.9			350.0			1,717.0			866.6
Fixed Costs		154.1			90.9			282.2			179.7
Cost of Sales		896.0			440.9			1,999.2			1,046.3
Gross profit		161.7			102.8			375.8			268.4
Operating Expenses		37.0			51.0			82.8			73.6
Operating Profit		124.7			51.8			293.0			194.8
Non operating, net		15.9			2.3			3.3			(2.7	)
Profit/(Loss) before taxes		140.6			54.1			296.3			192.1
Income tax		41.1			20.2			92.4			66.8
Net Income/Loss		99.5			33.9			203.9			125.3
TOTAL EBITDA *		262.4			154.7			537.4			395.5
EBITDA margin		24.8	%		28.5	%		22.6	%		30.1	%
EBITDA to EC GROUP**		262.4			154.7			537.4			395.5

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet
(COP$ Billion)	June 30, 2014		March 31, 2014
Current Assets		1,432.7		1,413.7
Long Term Assets		2,398.2		2,377.0
Total Assets		3,830.9		3,790.7
Current Liabilities		1,191.5		1,228.8
Long Term Liabilities		231.9		238.8
Deferred taxes		-		-
Total Liabilities		1,423.4		1,467.6
Equity		2,407.5		2,323.1
Total Liabilities and Shareholders´ Equity		3,830.9		3,790.7

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Savia Perú:

Income Statement

US$ million	2Q 2014			2Q 2013			1H 2014			1H 2013
Local Sales		97.5			85.0			190.8			173.3
Export Sales		-			-			-			-
Sales of services		-			-			-			-
Total Sales		97.5			85.0			190.8			173.3
Variable Costs		25.5			30.7			51.4			58.5
Fixed Costs		22.2			21.7			41.0			43.6
Cost of Sales		47.7			52.4			92.4			102.1
Gross profit		49.8			32.6			98.4			71.2
Operating Expenses		15.7			21.2			30.8			37.8
Operating Profit		34.1			11.4			67.6			33.4
Profit/(Loss) before taxes		34.1			11.4			67.6			33.4
Income tax		7.8			0.2			16.8			6.0
Employee profit sharing		-			-			-			-
Deferred taxes		2.2			3.9			3.5			5.7
Minority interest		-			-			-			-
Net Income/Loss		24.1			7.3			47.3			21.7
EBITDA		55.4			34.4			106.8			76.4
EBITDA margin		57	%		41	%		56	%		44	%

Balance Sheet
US$ million	June 30, 2014		March 31, 2014
Current Assets		209.9		202.3
Long Term Assets		805.4		799.4
Total Assets		1,015.3		1,001.7
Current Liabilities		295.2		295.9
Long Term Liabilities		18.6		30.6
Deferred taxes		60.4		58.2
Total Liabilities		374.1		384.7
Equity		641.2		617.0
Total Liabilities and Shareholders´ Equity		1,015.3		1,001.7

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2. Equion:

Income Statement

(COP$ Billion)	2Q 2014			2Q 2013			1H 2014			1H 2013
Local Sales		73.6			50.4			146.2			98.8
Export Sales		633.5			502.9			1,209.5			892.6
Sales of services		-			-			-			-
Total Sales		707.1			553.3			1,355.7			991.4
Variable Costs		520.5			219.2			925.2			488.0
Fixed Costs		38.0			37.5			67.1			67.7
Cost of Sales		558.5			256.7			992.3			555.7
Gross profit		148.6			296.6			363.4			435.7
Operating Expenses		11.3			7.4			34.1			24.8
Operating Profit		137.3			289.2			329.3			410.9
Non operating, net		21.1			(8.6	)		73.2			12.7
Profit/(Loss) before taxes		158.4			280.6			402.5			423.6
Income tax		58.7			90.6			134.4			179.9
Employee profit sharing		-			-			-			-
Deferred taxes		-			-			-			-
Minority interest		-			-			-			-
Net Income/Loss		99.7			190.0			268.1			243.7
TOTAL EBITDA *		229.0			339.1			532.0			538.1
EBITDA margin		32.4	%		61.3	%		39.2	%		54.3	%
EBITDA to EC GROUP**		116.0			173.0			271.0			274.4

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet

(COP$ Billion)	June 30, 2014		March 31, 2014
Current Assets		2,375.3		2,536.0
Long Term Assets		1,869.6		1,845.2
Total Assets		4,244.9		4,381.2
Current Liabilities		1,060.8		1,217.8
Long Term Liabilities		173.1		186.5
Deferred taxes		-		-
Total Liabilities		1,233.9		1,404.3
Equity		3,011.0		2,976.9
Total Liabilities and Shareholders´ Equity		4,244.9		4,381.2

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32

Refining and Petrochemical

1. Propilco:

Sales volume (tons)	2Q 2014		2Q 2013		1H 2014		1H 2013
Polypropylene		92,286		106,521		181,015		192,522
Polypropylene marketing for COMAI		2,772		3,039		5,892		5,893
Polyethylene marketing		7,083		4,027		12,301		7,935
Total		102,141		113,587		199,208		206,350

Income Statement

(COP$ Billion)	2Q 2014			2Q 2013			1H 2014			1H 2013
Local Sales		156.5			178.3			306.2			333.5
Export Sales		224.4			195.9			459.0			355.4
Sales of services		-			-			-			-
Total Sales		380.9			374.2			765.2			688.9
Variable Costs		329.2			320.2			650.7			589.3
Fixed Costs		24.5			29.1			52.1			57.1
Cost of Sales		353.7			349.3			702.8			646.4
Gross profit		27.2			24.9			62.4			42.5
Operating Expenses		29.7			36.0			65.6			61.5
Operating Profit		(2.5	)		(11.1	)		(3.2	)		(19.0	)
Non operating, net		4.2			14.0			8.7			15.3
Profit/(Loss) before taxes		1.7			2.9			5.5			(3.7	)
Income tax		1.4			0.7			2.8			1.4
Minority interest		-			-			-			-
Net Income/Loss		0.3			2.2			2.7			(5.1	)
TOTAL EBITDA *		13.8			15.6			36.5			30.6
EBITDA margin		3.6	%		4.2	%		4.8	%		4.4	%
EBITDA to EC GROUP**		13.8			15.6			36.5			30.6

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet

COP$ Billion	June 30, 2014		March 31, 2014
Current Assets		690.1		740.5
Long Term Assets		483.0		509.4
Total Assets		1,173.1		1,249.9
Current Liabilities		424.1		482.9
Long Term Liabilities		63.7		71.5
Total Liabilities		487.8		554.4
Equity		685.3		695.5
Total Liabilities and Shareholders´ Equity		1,173.1		1,249.9

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2. Reficar:

Sales Volume (mbd)	2Q 2014		2Q 2013		1H 2014		1H 2013
Local		34.6		47.3		34.8		48.4
International		0.0		52.6		19.4		52.1
Total		34.6		99.9		54.2		100.5

Income Statement

(COP$ Billion)	2Q 2014			2Q 2013			1H 2014			1H 2013
Local Sales		1,040.3			915.5			1,556.2			1,928.6
Export Sales		113.3			1,002.0			737.3			1,927.1
Sales of services		-			-			-			-
Total Sales		1,153.6			1,917.5			2,293.5			3,855.7
Variable Costs		1,059.0			1,841.0			2,150.8			3,737.4
Fixed Costs		55.8			64.4			96.2			125.4
Cost of Sales		1,114.8			1,905.4			2,247.0			3,862.8
Gross profit		38.8			12.1			46.5			(7.1	)
Operating Expenses		135.0			43.8			195.0			102.9
Operating Profit		(96.2	)		(31.7	)		(148.5	)		(110.0	)
Non Operating income		155.5			72.2			207.2			93.9
Non Operating expenses		(189.0	)		(85.9	)		(246.1	)		(146.6	)
Profit/(Loss) before taxes		(129.7	)		(45.4	)		(187.4	)		(162.7	)
Income tax		1.3			0.6			2.0			1.2
Minority interest		-			-			-			-
Net Income/Loss		(131.0	)		(46.0	)		(189.4	)		(163.9	)
TOTAL EBITDA*		(88.1	)		(6.50	)		(81.40	)		(48.40	)
EBITDA margin		(7.6	)%		(0.3	)%		(3.5	)%		(1.3	)%
EBITDA to EC GROUP**		(88.1	)		(6.5	)		(81.4	)		(48.4	)

* EBITDA (COLGAAP) contribution to EC group

** Total EBITDA of the company under COLGAAP

Balance Sheet

COP$ Billion	June 30, 2014		March 31, 2014
Current Assets		1,524.4		1,472.8
Long Term Assets		14,361.7		13,964.4
Total Assets		15,886.1		15,437.2
Current Liabilities		997.7		971.0
Long Term Liabilities		9,005.5		9,576.1
Total Liabilities		10,003.2		10,547.1
Equity		5,882.9		4,890.1
Total Liabilities and Shareholders´ Equity		15,886.1		15,437.2

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34

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)	2Q 2014			2Q 2013			1H 2014
Sales of services		734.3			635.9			1,480.8
Total Sales		734.3			635.9			1,480.8
Variable Costs		26.1			14.8			54.2
Fixed Costs		580.2			440.9			1,008.1
Cost of Sales		606.3			455.7			1,062.3
Gross profit		128.0			180.2			418.5
Operating Expenses		91.8			73.8			113.8
Operating Profit		36.2			106.4			304.7
Non operating, net		387.3			214.5			782.6
Profit/(Loss) before taxes		423.5			320.9			1,087.3
Income tax		75.8			31.5			146.6
Minority interest		-			-			-
Net Income/Loss		347.7			289.4			940.7
TOTAL EBITDA *		294.7			85.0			552.9
EBITDA margin		40.1	%		13.4	%		37.3	%
EBITDA to EC GROUP**		294.7			85.0			552.9

* Total EBITDA of the company under COLGAAP

**EBITDA (COLGAAP) contribution to EC group

Balance Sheet

COP$ Billion	June 30, 2014		March 31, 2014
Current Assets		772.0		1,218.9
Long Term Assets		21,619.6		20,810.3
Total Assets		22,391.6		22,029.2
Current Liabilities		1,602.8		1,932.0
Long Term Liabilities		144.2		132.3
Total Liabilities		1,747.0		2,064.3
Equity		20,644.6		19,964.9
Total Liabilities and Shareholders´ Equity		22,391.6		22,029.2

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35

Biofuels

1. Ecodiesel

Sales volume (mboed)	2Q 2014		2Q 2013		1H 2014		1H 2013
Biodiesel		2.3		2.2		2.3		2.1
Glycerin		0.2		0.2		0.2		0.2
Total		2.5		2.4		2.5		2.3

Income Statement

(COP$ Billion)	2Q 2014			2Q 2013			1H 2014			1H 2013
Domestic sales		82.8			71.2			161.0			137.4
Sales of services		-			-			-			-
Total Sales		82.8			71.2			161.0			137.4
Variable Costs		71.8			60.2			138.5			115.7
Fixed Costs		-			-			-			-
Cost of Sales		71.8			60.2			138.5			115.7
Gross profit		11.0			11.0			22.5			21.7
Operating Expenses		2.7			2.8			5.5			5.0
Operating Profit		8.3			8.2			17.0			16.7
Non operating, net		(0.7	)		(1.6	)		(1.1	)		(2.9	)
Profit/(Loss) before taxes		7.6			6.6			15.9			13.8
Income tax		1.2			0.3			2.6			0.6
Minority interest		(8.3	)		-			-			-
Net Income		6.4			6.3			13.3			13.2
EBITDA		9.7			10.2			19.9			19.9
EBITDA margin		12	%		14	%		12	%		14	%

Balance Sheet

COP$ Billion	June 30, 2014		March 31, 2014
Current Assets		60.2		68.2
Long Term Assets		88.1		89.0
Total Assets		148.3		157.2
Current Liabilities		52.4		55.5
Long Term Liabilities		27.1		29.9
Total Liabilities		79.5		85.4
Equity		68.8		71.8
Total Liabilities and Shareholders' Equity		148.3		157.2

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36