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Finances*
The growth in production, high oil prices and advances
in the operative and administrative management indicators,
enabled the company to reach a net profit of $3.39
trillion, $137 billion (4%) more than the previous year.
This result can be explained basically by the following
factors: operating revenues for $2.88 trillion as compared
to the increase in sales cost for $2.2 trillion, operating
expenses for $412 billion, better non-operating
profit for $345 billion and increased reserve for estimated
income taxes for $465 billion.
These results guaranteed the drawing of transfers to
the Nation for $9.6 trillion, which is $2.3 trillion more
than in 2005; the execution of an investment plan of
over $2.2 trillion; the savings of $774 billion in the Oil
Savings and Stabilization Fund (Fondo de Ahorro y Estabilización
Petrolera - Faep), 36% more than the previous
year, and securing the budget to deal with the business’ operative activities.
Of the funds transferred to the nation, the highest
amount goes to the royalties on crude production at
$3.7 trillion, followed by the transfers of profits for the
year 2005 for $2 trillion, income tax and others for $1.7
trillion, comprehensive tax for $1.2 trillion and value
added tax (VAT) for $1 trillion.
Operating revenue amounted to $18.39 trillion, which
is 19% more than 2005, 61% of which came from the
domestic market and the rest from exports.
Sales on the domestic market reported $11.3 trillion, an
18% increase in relation to the previous year, as a result
of better regular gasoline, diesel, natural gas and jet
propellant sales prices. However, Ecopetrol contributed
with a subsidy on fuels for $5.7 trillion, at the import
parity price (IPP), in relation to $4.9 trillion in 2005.
In exports, Ecopetrol recorded transactions for $7.86
trillion (US$3.312 billion), 20% more than 2005 if assessed
in pesos and 17% more if compared in dollars.
Sales abroad were driven by increased crude volumes, 2
Kbd more than 2005, as well as better prices of crude
and products. The WTI on the international market rose
to US$66.2 per accumulated average barrel a year, compared
to US$56.3 of the previous year.
Despite the 18% increase in international crude prices,
the sales costs increased in proportion on operating
revenues by just 2 points in relation to the previous
year, rising to 65%.
The total sales cost exceeded that of the previous
year by 23% at $11.95 trillion, mainly due to the 30%
growth in variable costs, which amounted to $1.97
trillion, particularly the capital increase in contribution
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