Oil and Gas Production Increased 10.4%* in the fourth quarter and 12.0%* for the year
Unconsolidated Net Income for Fourth Quarter increased 48.2%* to COP$2.05 trillion, or COP$50.71 per share
Consolidated Net Income for Full Year 2008 Up 124.5%* to COP$11.63 trillion, or COP$287.35 per share
Net Cash Position as of December 31, 2008 was COP$11.15 trillion; the Company had no financial debt
Gross Oil and Gas Reserves as of December 31, 2008, calculated under SPE and WPC standards were 1,473 MMBOE. Under SEC rules, reserves were 1,384.1 MMBOE.
*2008 fourth quarter compared to fourth quarter of 2007. 2008 full year results compared to full year 2007.
BOGOTA, February 17, 2009/ -- Ecopetrol, S.A. (BVC: ECOPETROL; NYSE: EC), Colombia´s integrated oil and gas company, reported today unconsolidated financial results for the fourth quarter and consolidated results for the year ended December 31, 2008. The financial statements were prepared and presented in accordance with the Colombian Governmental Entity GAAP and in Colombian Pesos (COP$).
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Bogotá, Colombia, February 17 of 2009