Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — FY2012 Earnings Presentation
23 slides from Ecopetrol Sa's earnings presentation, Feb 19, 2013
Slide 1: Financial & Operational Results 4th quarter and full year 2012
Financial & Operational Results 4th quarter and full year 2012 February 19, 2013
Slide 2: Disclaimer
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 Ecopetro
Slide 3: Management Participants
Management Participants Javier Gutierrez Chief Executive Officer Enrique Velasquez VP of Exploration Hector Manosalva Executive VP of E&P Alvaro Castañeda VP of Transportation & Logistics Pedro Rosales Executive VP of Downstream Alejandro Giraldo Investor Relations Officer Alberto Vargas Financial C
Slide 4: Agenda
Agenda 1. Highlights of 2012 2. Results per business segment 2012 3. Financial results 2012 4. Organizational consolidation and HSE 2012 5. Results 2007-2012 and Outlook for 2013 4
Slide 5: Highlights of 2012
Highlights of 2012 • Production of 754 mboed (+4.1%) Production • Chichimene field production growth • Equión’s production rose +25.2% • 11 hydrocarbon findings: 9 in Colombia and 2 in the Gulf of Mexico (U.S.) • 16 exploratory blocks awarded in the Open Round Colombia 2012 and 6 blocks in Explorati
Slide 6: Agenda
Agenda 1. Highlights of 2012 2. Results per business segment 2012 3. Financial results 2012 4. Organizational consolidation and HSE 2012 5. Results 2007-2012 and Outlook for 2013 6
Slide 7: Exploration & Production
Exploration & Production Production: Ecopetrol + net interests E&P segment results (thousand of barrels of oil equivalent / day) (COP$ trillion) 724 754 2 18 2 14 31 7 25 7 71% 69% 42% 40% 670 702 2011 2012 38.8 36.5 Ecopetrol Hocol Savia Equión EC America Exploratory activity 25.9 26.6 Ecopetrol +
Slide 8: 1P Reserves addition
1P Reserves addition 1P Reserves balance* Reserves addition vs. production*** (million of barrels of oil equivalent) 2010-2012 (million of barrels of oil equivalent) 1,877 1,857 981 643 2011 2012 Addition Production RRR** 165% 109% * SEC standards (net of royalties) ** RRR: Reserve replacement ratio
Slide 9: Transport
Transport Transported volumes Transport segment results (thousand barrels per day) (COP$ trillion) 1,205 1,219 42% 24% 15% 0% 289 303 2.5 2.4 916 916 1.0 0.6 0.4 0.0 2011 2012 Revenues % Ebitda Net Income Products Crude Margin 2011 2012 Highlights Key drivers • Capacity increase in oil pipelines: +9
Slide 10: Refining and Petrochemicals
Refining and Petrochemicals Refinery runs Refining segment results (thousand barrels of crude per day) (COP$ trillion) 226 219 2% 1% -3% -4% 77 75 20.4 20.2 B/bermeja Cartagena Gross refining margin (US$ per barrel) 11.2 10.9 0.5 0.1 6.6 5.4 % % -0.6 -0.8 Revenues Ebitda Net Income B/bermeja Cartage
Slide 11: Sales & Marketing
Sales & Marketing Sales Volumes (thousand barrels equiv./day) Sales and marketing segment results (COP$ trillion) 858 881 494 521 80 79 284 280 13.4 13.8 2011 2012 Local Free trade zone Exports Prices of crude, products and gas 5% 2% 2% 1% (US$/Barrel) 0.7 99.0 102.6 % 96.1 100.4 % 0.3 0.2 0.1 Reven
Slide 12: Agenda
Agenda 1. Highlights of 2012 2. Results per business segment 2012 3. Financial results 2012 4. Organizational consolidation and HSE 2012 5. Results 2007-2012 and Outlook for 2013 12
Slide 13: Financial Results of Ecopetrol S.A.
Financial Results of Ecopetrol S.A. Revenue Costs and Expenditures Operating income (COP$ trillion) (COP$ trillion) (COP$ trillion) and Operating Margin (%) 56.5 59.5 36.8 32.2 43% 37.1 39.5 2.8 2.3 38% 23.1 25.5 24.4 22.9 19.4 20.0 6.8 8.4 2011 2012 2011 2012 2011 2012 Fixed Variable Operation Oper
Slide 14: Cash Flow and Balance Sheet of Ecopetrol S.A.
* Cash Flow and Balance Sheet of Ecopetrol S.A. Initial Sources Uses Final 60.0 1.4 0.2 70.8 41.1 Cash flow 2012 10.1 8.4 (COP$ trillion) 0.4 10.7 9.2 Initial Cash Operations Other Offering Cash Operations Capex Dividends FX Diff Ending Available Cash*** Assets Liabilities Debt Ratios** 100.6 Invent
Slide 15: Financial Results of Subsidiaries
Financial Results of Subsidiaries* Ebitda (COP$ bn)* Net Income (COP$ bn)* Segment Company 2011 2012 2011 2012 Hocol 1,180 858 630 455 Savia** 0 0 50 38 Ecopetrol América -87 -144 -197 -265 EXPLORATION Ecopetrol Brasil -109 -255 -129 -276 & PRODUCTION Ecopetrol Perú -19 -14 -16 -12 Equión 459 589 21
Slide 16: Agenda
Agenda 1. Highlights of 2012 2. Results per business segment 2012 3. Financial results 2012 4. Organizational consolidation and HSE 2012 5. Results 2007-2012 and Outlook for 2013 16
Slide 17: Organizational Consolidation and HSE
Organizational Consolidation and HSE Accident Frequency Index (Accidents / mn labor hours) 1.02 74 78 0.79 53 2011 2012 EC 2011 EC 2012 O&G 2012 HSE Science and Technology Sustainability % % % • Historical minimum of the • 21 patents: • One of the 340 companies in the accident frequency index World
Slide 18: Agenda
Agenda 1. Highlights of 2012 2. Results per business segment 2012 3. Financial results 2012 4. Organizational consolidation and HSE 2012 5. Results 2007-2012 and Outlook for 2013 18
Slide 19: Strategic Plan Results 2007 - 2012
Strategic Plan Results 2007 - 2012 Production (mboed) 1P Reserves and RRR* RRR 5-year RRR=159% 1,000 109% 754 65% 1,877 399 1,209 2007 2012 2015 ( e ) 2007 2012 Transported Volume (mbd) Accident Frequency Index 1.7 (Accidents per million labor hours) 1.2 1.82 0.7 0.79 0.4 2007 2012 2015 ( e ) 2007 2
Slide 20: Investment plan for 2013
Investment plan for 2013 1% 19% Production Exploration 44% Refining US$9.5 bn 18% Transport Other 18% Capex allocation: • 69% Ecopetrol S.A. and 31% Subsidiares & Affiliates • 95 % in Colombia • 62% to E&P 20 Source: Ecopetrol
Slide 21: Outlook 2013
Outlook 2013 • 56 wells: • 33 Exploratory A3/A2 Exploration • 12 Stratigraphic • 11 Appraisals • Seismic: 8,500 Kms in Colombia • Average Production: 798 mboed Production • Ecopetrol: 750 mboed • Subsidiaries and Affiliates* : 48 mboed • Modernization of Barrancabermeja and Cartagena refineries Refi
Slide 22: Investor Relations
Investor Relations • Phone (+ 571) 234 5190 • Email [email protected] • Website www.ecopetrol.com.co 22
Slide 23: Ecopetrol S.A. All rights reserved
Ecopetrol S.A. All rights reserved. The re production of this presentation is forbidden without the written authorization of Ecopetrol S.A.