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Ecopetrol Beyond Colombia E&P

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Ecopetrol Beyond Colombia E&P traducir ENERGY FOR THE FUTURE Investor Presentation Cartagena, Abril de 2012 Seminario Oportunidades de Inversión 2012 - Larrainvial 1 Disclaimer This document was prepared by Ecopetrol S.A. with the purpose of providing the market and interested parties certain financial and other information of the Company. This document may include strategy discussions and forward-looking statements regarding the probable development of Ecopetrol’s Business. Said projections and statements include references to estimates or expectations of the Company regarding its future and operational results. Potential investors and the market in general should be aware that the information provided herein does not constitute any guarantee of its performance, risks or uncertainties that may occur or materialize. Real results may fluctuate and differ from those provided herein due to several factors outside of the control of the Company. Neither Ecopetrol nor its advisors, officers, employees, directors or agents, make any representation nor shall assume any responsibility in the event actual performance of the company differs from what is provided herein. Moreover, Ecopetrol, its advisors, officers, employees, directors or agents shall not have any obligation whatsoever to update, correct, amend or adjust this presentation based on information attained or events occurred after its disclosure. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Ecopetrol. 2 Agenda Colombia: a relevant player in O&G Ecopetrol´s performance and 2012-2020 strategic plan Ecopetrol's solid financial results lever future growth Ecopetrol: a great investment opportunity 3 Colombia: a relevant player in O&G 4 Colombia reaches record oil production 2011 1.000 Total Oil Production in Colombia* and Milestones 914 mbod 900 (thousand barrels per day) 800 8 700 4 7 600 5 6 3 500 400 300 200 2 100 1 0 Key milestones: 1. Beginning of oil production in Colombia (1922) 2. Ecopetrol’s incorporation (1951) 3. Discovery of Caño Limón field (1983) 4. Discovery of Cusiana and Cupiagua fields (1988) 5. New hydrocarbon regulation: royalties and contracts (2002-03) 6. Incorporation of the National Hydrocarbon Agency - ANH (2003) 7. Ecopetrol´s IPO (2007) 8. Ecopetrol’s second round of primary share offering (2011) *Total country (Ecopetrol + other companies) Source: Revista Semana , National Hydrocarbon Agency (ANH), Colombian Petroleum Association (ACP) 5 Colombia´s exploration area increased 8X since 2003 2003 2008 2011 12.5 million hectares* 61.7 million hectares* 102.0 million hectares* Total contracted and reserved Total contracted and reserved Total contracted and reserved area 8% area 38% area 63% Colombia 2011 (Sep): Area under exploration • 25.2 million hectares under exploration • Exploration activity on 294 blocks • 100+ companies in E&P * Area includes: production, exploration, TEA´s and in preparation 6 Source: ANH Increasing E&P activity in Colombia Exploration wells and success rates in Colombia 250 70% 56% 58% 60% 48% 200 48% 48% 50% 46% 40% 40% 150 41% Rate 39% wells 33% 108 30% 98 Success . No. of No. 100 21% Tech 70 64 20% 56 45 73 14% 51 35 10% 50 28 21 41 28 38 18 14 34 10 63 0% 19 47 22 11 29 36 35 12 12 6 16 22 0 6 2 4 6 10 -10% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Producer Dry Tech Success Rate Source: ANH 7 Colombia´s O&G sector supports economic growth Foreign direct investment O&G Oil and products exports (USD bn) (USD bn) 16% 11% 30% 37% 32% 34% 42% 40% 30 60% 6,0 25 50% 4,3 5,0 20 40% 4,0 3,3 3,4 2,8 15 30% 3,0 2,4 2,0 2,0 10 20% 1,1 1,0 0,5 5 10% - 0 0% 2004 2005 2006 2007 2008 2009 2010 Jan-Sep 2011 2005 2006 2007 2008 2009 2010 Jan-Nov 2011 Exports of petroleum and its products % of total FDI % of total country´s exports P: preliminary Source: Central Bank of Colombia 8 Ecopetrol´s performance and 2012-2020 strategic plan: Overview 9 Ecopetrol´s transformation 2007 - 2011 Ownership 100% Government •12% market float owned •Listed in BVC, NYSE and TSX •Dow Jones Sustainability Index Business NOC business model • Diversified Corporate Group across all segments with Model operations in Colombia • Internationalization: Colombia, Peru, Brazil , and US Gulf Coast Production 399 mboed in 2007 • 724 mboed in 2011 Market Cap USD 27 bn (Nov. 27/ 07) • USD 115 bn (Feb 27/12) 10 Capex growth accross all segments with focus on E&P Capex per year Capex per segment 2008-2012 (USD billion) 2008-2011 5% 10% 8.5 7.2 11% 6.3 6.0 4.8 US$ 25.7 bn 43% 14% 1.8 16% 2007 2008 2009 2010 2011 2012 Production Refining & Petroch. (e) Acquisitions Exploration Transportation Other * e: estimated Source: Ecopetrol 11 Ecopetrol beyond Colombia Ecopetrol Corporate Group E&P: Refining & Petrochems. : E&P: Transportation: Biofuels: E&P: E&P: Source: Ecopetrol 12 Strategic plan 2012 - 2020 Goal year 2020 Capex 2012 - 2020 Other 2% Biofuels Transportation 1% 1.31.3 mmmillion boed boed 5% Refining “Clean barrels” 7% • No accidents • No environmental US$ 80 bn incidents Exploration • Harmonious labor 25% relations Production • Delivering commitments 60% to stakeholders • 17% ROCE • 85% allocated to E&P • 90% in Colombia Source: Ecopetrol 13 Ecopetrol´s performance and 2012-2020 strategic plan: Exploration & Production 14 Remarkable rise in production Corporate Group: Average production / year (thousand barrels of crude oil and gas per day) 724 616 108 521 104 447 97 399 336 85 72 289 270 253 246 280 224 153 81 109 2007 2008 2009 2010 2011 Heavy oil Light and medium oil Natural gas Strategic partnerships adds 51% of total production Source: Ecopetrol 15 Main fields by region in Colombia 2011 Region Share Main fields Avg. Production (mboed) Central 42% Castilla 110 Chichimene 32 Rubiales + Quifa 113 Northeast 29% Guajira 64 Cusiana 36 Mid Magdalena 12% La Cira 17 Infantas 3 Nare 16 Catatumbo 8% Tibú 2 South 9% Orito 3 Tenay 2 Tello 3 Source: Ecopetrol 16 Corporate Group 1P Reserves: 2008 - 2020 (e) 1P Reserves* Reserves Addition (million barrels of oil & gas equivalent) (million barrels of oil & gas) 5,836 164% 193% IRR ** 351% 1,857 1,714 1,538 46% 1.473 1,137 2008 2009 2010 2011 2008 - 2011 2012 - 2020 ( e ) * According to SEC prices and methodology ** RRI: Reserve replacement index Source: Ecopetrol 17 Sources of production growth 2011 - 2015 Incremental production by source: 2011-2015 (thousands of equivalent barrels of oil per day) 1,000 106 27 20 123 724 2011 (e) Current fields Expl.Colombian National UnconventionalUnconventional InternationalExpl. 20152015 ( e ) Exploration in Colombia ExplorationInternational (e) : estimated Source: Ecopetrol 18 Breakdown of production 2020 Production by source: 2020 (thousands of equivalent barrels of oil per day) 50 1,300 110 300 840 Current fields Expl.Colombian Colombia InternationalInternational Expl. UnconventionalUnconventional Total 2020 Exploration Exploration in Colombia Source: Ecopetrol 19 Secondary recovery and EOR • Potential for EOR/IOR: 17% of Ecopetrol´s OOIP is subject to be Breakdown by source recovered through EOR/IOR projects. In field Gas Drilling • Screening process: 12% 27% 94% of OOIP had gone through a screening WO & process to select the best technology stimulation 1% applicable. • Insitu combustion: By Dec. 2012 Ecopetrol might start a combustion in situ project at Chichimene In situ combustion field. Optimization 34% & new Secondary Steam Polymers & projects • 15% Waterflood: 1% CO2 5% • 21 fields implemented 5% • 21 fields new pilots/projects in progress • 93 fields with possible implementation Source: Ecopetrol 20 Additional gas capacity 2011-2012 Main projects: Current Future Prod. Fields production production increase (mmcf) (mmcf) Gibraltar 36 mmcf Cusiana LTO II 200 270 +70 Gibraltar 0 36 + 36 Cupiagua Allowing for: Cupiagua 140 mmcf 0 140 +140 • Supply increases in demand Source: Ecopetrol 21 Higher exploration activity and geological success 16 22 International exploration wells 5 6 Colombian 11 exploration wells 10 6 Stratigraphic wells 37 3 6 2 1 28 Successful wells 11 12 13 16 13 5 5 4 2 2007 2008 2009 2010 2011* 2012 (e ) Geological Success * 16% 33% 26% 26% 48%** * Success rate for A3/A2 wells; ** Does not include 4 wells under evaluation (as of Dec 31/11) in the calculation of success rate (17/35= 48%) 22 Ecopetrol´s Oil & Gas discoveries in Colombia 2008-2011 Discoveries in Colombia 2008-2011*: 2008 Arrayan-1 Lisama Norte Pachaquiaro norte-1 Saman Tempranillo-1 Quifa-5 Rio Zulia West 3 Lisama 2009 Quiriyana-1 Norte 1P Oripaya Quifas 7,8,9 Rumbero Tempranillo norte 2010 Akacias-1 Pacha- Azabache-1 Oripaya-1 quiaro Guarrojo E-1 Akacias Norte Pinocho Quifa9 Tinkhana-1 Quifa6 CSE-8 Quifa 5 Mito Fauno Quifa 7Quifa 8 Quifa-6 Tempranillo Norte Opalo-1 CSE 8ST 2011 Pinocho Tempranillo-1 TRASGO Rumbero Arrayan Nunda Nunda Fauno-1 Mito-1 Quriyana CSE-8 Tinkhana CSE 8ST1 Trasgo-1 Azabache-1 Opalo-1 Bonga-1 Guarrojo Este-1 * Includes only A3 and A2 wells. Source: Ecopetrol 23 Growing and diversified exploration portfolio Exploration Area Million hectares Colombia International 21.3 exploration 5.2 Assets 16.1 exploration Assets 9 hectares 2002 2011 Colombia hectares International *Includes: Ecopetrol S.A., Hocol, and Equion Source: Ecopetrol 24 Exploration assets in Colombia Exploration Area Blocks in Colombia 13.4 million Ha 20% 9% Atlantic Ocean Venezuela 71% Leverage Sustainability Growth Early production Pacific Proven basins Ocean Offshore Caribbean Heavy oil Foothills 53 blocks 53 Geologic frontier Brazil • 41 E&P Contracts Ecuador • 6 Agreements with ANH • 6 Association contracts • 53 exploration assets Peru Source: Ecopetrol 25 International exploration assets Ecopetrol America Inc.
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