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UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C

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UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Annual Report on Form 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2009 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ___________ OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report __________________ Commission file number: 001-34175 ECOPETROL S.A. (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant’s name into English) REPUBLIC OF COLOMBIA (Jurisdiction of incorporation or organization) Carrera 13 No. 36 – 24 BOGOTA – COLOMBIA (Address of principal executive offices) Alejandro Giraldo Investor Relations Officer [email protected] Tel. (571) 234 5190 Fax. (571) 234 5628 Carrera 13 N.36-24 Piso.8 Bogota, Colombia (Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered: American Depository Shares (as evidenced by American Depository Receipts), New York Stock Exchange each representing the right to receive 20 Common Shares Lima Stock Exchange Ecopetrol Common Shares par value Ps$250 per share* New York Stock Exchange 7.625% Notes due 2019 New York Stock Exchange *Not for trading but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the SEC. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. Common Shares, par value Ps$250 per share: 40,472,512,588 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ⌧Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ⌧No Note: Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ⌧Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ⌧No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ⌧ Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting ⌧ Other Standards as issued by the International Accounting Standards Board If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ⌧ Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ⌧No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No ii Table of Contents Page Forward-Looking Statements 1 Enforcement of Civil Liabilities 2 Presentation of Financial Information 2 Presentation of Information Concerning Reserves 4 ITEM 1. Identity of Directors, Senior Management and Advisors 4 ITEM 2. Offer Statistics and Expected Timetable 4 ITEM 3. Key Information 5 3.A. Selected Financial Data 5 3.B. Capitalization and Indebtedness 7 3.C. Reasons for the Offer and Use of Proceeds 7 3.D. Risk Factors 7 ITEM 4. Information on the Company 20 4.A. History and Development of the Company 20 4.B. Business Overview 21 4.C. Organizational Structure 64 4.D. Property, Plant and Equipment 65 ITEM 4A. Unresolved Staff Comments 65 ITEM 5. Operating and Financial Review and Prospects 65 5.A. Operating Results 71 5.B. Liquidity and Capital Resources 83 5.C. Research and Development, Patents and Licenses, etc. 86 5.D. Trend Information 86 5.E. Off-Balance Sheet Arrangements 86 5.F. Tabular Disclosure of Contractual Obligations 86 5.G. Safe Harbor 90 ITEM 6. Directors, Senior Management and Employees 90 6.A. Directors and Senior Management 90 6.B. Compensation 94 6.C. Board Practices 94 6.D. Employees 95 6.E. Share Ownership 99 ITEM 7. Major Shareholders and Related Party Transactions 99 7.A. Major Shareholders 99 7.B. Related Party Transactions 99 7.C. Interests of Experts and Counsel 102 ITEM 8. Financial Information 102 8.A. Consolidated Statements and Other Financial Information 102 8.B. Significant Changes 102 ITEM 9. The Offer and Listing 102 9.A. Offer and Listing Details 102 9.B. Plan of Distribution 104 9.C. Markets 104 9.D. Selling Shareholders 106 9.E. Expenses of the Issue 106 ITEM 10. Additional Information 106 10.A. Share Capital 106 10.B. Memorandum and Articles of Incorporation 106 10.C. Material Contracts 110 10.D. Exchange Controls 111 10.E. Taxation 112 10.F. Dividends and Paying Agents 118 10.G. Statement by Experts 118 10.H. Documents on Display 118 iii 10.I. Subsidiary Information 118 ITEM 11. Quantitative and Qualitative Disclosures About Market Risk 118 ITEM 12. Description of Securities Other than Equity Securities 120 12.A. Debt Securities 120 12.B. Warrants and Rights 120 12.C. Other Securities 120 12.D. American Depositary Shares 121 ITEM 13. Defaults, Dividend Arrearages and Delinquencies 122 ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 122 ITEM 15. Controls and Procedures 122 ITEM 16. [Reserved] 124 16.A. Audit Committee Financial Expert 124 16.B. Code of Ethics 124 16.C. Principal Accountant Fees and Services 124 16.D. Exemptions from the Listing Standards for Audit Committee 125 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 125 16.F. Change in Registrant’s Certifying Accountant 125 16.G. Corporate Governance 125 ITEM 17. Financial Statements 129 ITEM 18. Financial Statements 129 ITEM 19. Exhibits 130 iv FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains forward-looking statements of Ecopetrol S.A. (hereinafter “we”, “us”, “our”, “Ecopetrol” or the “Company”), within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not based on historical facts and reflect our expectations for future events and results. Most facts are uncertain because of their nature. Words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”, “plan”, “potential”, “predicts”, “prognosticate”, and “achieve”, among other similar expressions, are understood as forward-looking statements. These factors may include the following: • Drilling and exploration activities • Future production rates • Import and export activities • Liquidity, cash flow and uses of cash flow • Projected capital expenditures • Dates by which certain areas will be developed or will come on-stream • Allocation of capital expenditures to exploration and production activities Actual results are subject to certain factors out of the control of the Company and may differ materially from the anticipated results. These factors may include the following: • Changes in international crude oil and natural gas prices • Competition • Limitations on our access to sources of financing • Significant political, economic and social developments in Colombia and other countries where we do business • Military operations, terrorist acts, wars or embargoes • Regulatory developments • Technical difficulties • Other factors discussed in this document as “Risk Factors” Most of these statements are subject to risks and uncertainties that are difficult to predict. Therefore, our actual results could differ materially from projected results. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this annual report. 1 ENFORCEMENT OF CIVIL LIABILITIES We are a Colombian company, all of our Directors and executive officers and certain of the experts named in this annual report are residents of Colombia, and a substantial portion of their respective assets are located in Colombia. Colombian courts determine whether to enforce a U.S.
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