The refining business made advances throughout the year, reflected in improvements in operational reliability, a reduction in accident frequency, and an increase in margins. During this time a process for selecting a strategic partner for the Master Development Plan for the Cartagena Refinery also got underway.

It was also a good year in the struggle against fuel theft, due to the strategy developed by various government entities. That strategy resulted in a 45% reduction in this crime, with the 2,942 bdc stolen in 2004 dropping to 1,601 bdc in 2005. When compared with 2002, when it had reached 7,270 bdc, the reduction was 78%.

The expansion of the natural gas business was also noteworthy. While domestic demand continued to increase, projects were initiated to continue developing gas reserves in La Guajira and the Piedemonte Llanero, and to export this energy to countries such as Venezuela and Panama.

These operating results were accompanied by optimizing administrative aspects, strengthening human resources, and continuing the cost control policy. Also outstanding were compensation and performance recognition plans for employees.

The accident frequency index for Ecopetrol and contractors was 5.77 accidents for every million man hours worked as of the close of 2005.

However, if only company employees are included, the index dropped from 5.7 in 2004 to 3.09 in 2005.

To improve corporate practices based on trust and transparency with its customers, the company implemented the policies described in the Corporate Governance Code and opened the Office for Citizen Participation. The goal of that office is to facilitate attention to and communication with Colombians.

This work and its results were accompanied by company advances in customer service. The satisfaction survey performed by the National Consulting Center showed that 89% of the population surveyed rated the quality of the service provided by Ecopetrol between “excellent” and “very good”, placing it on a par with international standards.

The activity of the past 12 months allowed the company to increase its investments in projects for training and serving the community in the zones of influence where it operates. It also helped the company generate never before reached net profits of US$1,402 billion, and ensured transfers to the nation of US$3,158 billion.

With these financial results, the fulfillment of its main goals for operations, its administrative advances, the development of human resources, the impetus toward new businesses, and greater customer satisfaction, the year 2005 consolidated Ecopetrol in its new commercial role, and gave it the increased efficiency and ability to compete that it needs to make its goals a reality over the next five years.