President Production

Ecopetrol knew take righteous steps in turbulent times in the global economy, what allowed him to count on funding (and ability to finance), for, when everyone runs, boosting its international expansion strategy. In its business strategy, Ecopetrol has been accomplishing good so their investment plans so far this year, despite how hard that is the same for the Colombian and global economy. The oil company has already been executed 45% of planned investments. The President of Ecopetrol, Javier Gutierrez Pemberthy, explained that most of the performed investment plan is focused on current production fields, where $2.715 million have opted to permit further increase production. On the other hand, some US $1 billion has been earmarked the exploratory part (more than 60% investments are concentrated in the production). The company aims to increase production at a rate of 12% per annum until 2015 and has every chance of achieving it. In addition, in just three months, Ecopetrol made purchases US $1.997 million, which represented the third part of the firm investment plan for this year.

In this sense, Gutierrez left in money well clear the objective of the oil company: investment for 2009 plan is aligned with our growth strategy which seeks that in 2015 we will be a global energy company, with a production of one million barrels of oil equivalent, a stronger international presence and a portfolio strengthened in biofuels, refinery and petrochemicals. Own merit and by an improvement in the context, which includes a greater potential wealth in zones where carries out activities of exploration, Ecopetrol shares maintained their upward trend in the remainder of the year. Meanwhile, the price of the action of Ecopetrol closed yesterday on the Colombian Stock Exchange to $2475, accumulating in the year a gain of 22.8% (on the NYSE ADR closed at US $23.9 and accumulates an increase on the year of 29.9%). The price of the stock comes surpassing minimum since the end of 2008. Can the role of Ecopetrol break the ceiling of $3,000? Yes with security, although probably need to wait until 2010 to do so.