It is jointly owned by the state oil firm Ecopetrol , and U. The pipeline was opened in During its existence, the pipeline has often been attacked by guerrilla organizations that oppose the Colombian government. The National Liberation Army ELN , which has traditionally been involved in such attacks, charged in a communique that "in our country, energy policy does not prioritize investment in Colombia but rather exploitation and consumption that sacrifices future generations. The Colombian government has militarized the area in response. For several years a security tax was imposed on oil producers in the region, which have also been targeted by guerrilla extortion and kidnappings.

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Exact name of Registrant as specified in its charter. Carrera 13 No. Securities registered or to be registered pursuant to Section 12 b of the Act. Securities registered or to be registered pursuant to Section 12 g of the Act: None. Securities for which there is a reporting obligation pursuant to Section 15 d of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 d of the Securities Exchange Act of Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that the registrant was required to file such reports , and 2 has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. Check one :. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:.

If this is an annual report, indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Annual Report on Form F Securities and Exchange Commission. We file reports, including annual reports on Form F, and other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. This URL is intended to be an inactive textual reference only. It is not intended to be an active hyperlink to our website.

The information on our website, which might be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be incorporated into this annual report. References made to the Colombian government or the Government correspond to the executive branch including the President of Colombia, the ministries and other governmental agencies responsible for regulating our business.

This annual report on Form F contains forward-looking statements within the meaning of the safe harbor provisions of the U. Private Securities Litigation Reform Act of These statements are not based on historical facts and reflect our expectations for future events and results. Most facts are uncertain because of their nature. We have made forward-looking statements that address, among other things:. Our forward-looking statements are not guarantees of future performance and are subject to assumptions that may prove incorrect and to risks and uncertainties that are difficult to predict.

Actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of factors. These factors may include, but are not limited to, the following:. All forward-looking statements attributed to us are qualified in their entirety by this cautionary statement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this annual report.

The following table sets forth, for the periods and at the dates indicated, our selected historical financial and certain key operating data. The selected financial data has been derived from and should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated audited financial statements, presented in Colombian Pesos.

Table 1 — Selected Operating Data. Financial Information. Expressed in millions of Colombian Pesos, except for the net income per share and net operating income per share, which is expressed in Colombian Pesos.

Table 2 — Selected Financial Data. These consolidated financial statements are our first financial statements prepared in accordance with IFRS. Following our adoption of IFRS, we are no longer required to reconcile our financial statements to U. Our consolidated financial statements were consolidated line by line and all transactions and significant balances between affiliates have been eliminated. These financial statements include the financial results of all subsidiary companies controlled, directly or indirectly, by Ecopetrol S.

See Exhibit 1 — Consolidated companies, associates and joint ventures, to our consolidated financial statements included in this annual report.

Beginning with this annual report, we will also be presenting our operating information on a consolidated basis. Accordingly, while we have in the past reconciled our consolidated financial statements prepared in accordance with Colombian Government Entity GAAP to U.

We do continue to provide the disclosure required under the U. GAAP to our historical consolidated financial statements. This annual report translates certain Colombian Peso amounts into U. Such conversion should not be construed as a representation that the Colombian Peso amounts correspond to, or have been or could be converted into, U.

Certain figures shown in this annual report have been subject to rounding adjustments and, accordingly, certain totals may therefore not precisely equal the sum of the numbers presented. In this annual report a billion is equal to one with nine zeros. Since the second half of , international crude oil benchmark prices have declined dramatically.

It is believed that the main reason behind the drop in prices is the imbalance between global supply and demand. Although non-OPEC supply grew 1. Additionally, OPEC surprised the market by increasing its supply by 1. Thus, overall business sentiment points to a sustained period of low crude oil prices i.

The current environment will keep oil prices under pressure until supply is more balanced to demand and excess inventories of crude oil are consumed. Recently, the Colombian government reduced its forecasted economic growth for from 3. These factors have resulted in an increase of the current account deficit in Colombia and have placed significant pressure on the exchange rate of the Colombian Peso against the U.

During the last decade Ecopetrol exhibited consistent growth that led it to consolidate its position as the largest corporation in Colombia and one of the 40 largest oil companies in the world as reported in Energy Intelligence Top The key guidelines for this strategy are the following:. Consistent with this new corporate strategy in the long term, in December , the Board of Directors approved a U.

The highest percentage of resources will be allocated to exploration and production, followed by refining, mainly to the completion of the Cartagena refinery and the development of the transportation capacity. The detail of the investments approved per business segment of Ecopetrol S. Table 3 — Investment Plan.

In , we assumed the direct operation of the Barrancabermeja Refinery and continued its transformation into an industrial complex. In , we acquired the Cartagena Refinery, which had been in operation since In , we adopted our first bylaws that transformed us into a governmental industrial and commercial company administered by the Ministry of Mines and Energy.

In , we were transformed from an industrial and commercial company into a state-owned corporation, and renamed Ecopetrol S. Pursuant to Decree Law of , we were granted greater autonomy over our business decisions and we accelerated our exploration activities. In that year, the regulatory responsibilities formerly on Ecopetrol were allocated from then on blocks to private and public explorers and operators on a competitive basis. Since , we have been evolving from a wholly state-owned entity to a mixed-economy company with private capital.

This process has resulted in a substantial change in the legal framework to which we are subject and in the nature of our relationship with the Nation. We carried out our initial public offering in November when our common shares became listed on the Colombian Securities Exchange. Table 4 — Material Acquisitions since January 1, We are in the process of selling some of our non-core shareholdings:. We have a number of directly and indirectly held subsidiaries both in Colombia and abroad.

Our subsidiaries are either directly owned by us or indirectly owned by us through one or more of our other subsidiaries. See Exhibit 8. Table 5 — Our Principal Operating Subsidiaries. The following organization chart illustrates the relationships between Ecopetrol S. Graph 3 — Ecopetrol Corporate Structure. The stock ownership percentage listed refers to Ecopetrol S. The data in this structure shows neither the whole ownership nor its decimal figures, so they will be used only for information purposes.

The so-called shareholding Ecopetrol S. We are a vertically integrated oil company with a presence primarily in Colombia, Peru, Brazil and the U.

Gulf Coast. The Nation currently controls We are among the top 50 oil and gas companies in the world based on the Petroleum Intelligence Weekly Top 50 Ranking and in the top 5 in Latin America based on production volume. Our exploration and production business segment includes exploration, development and production activities in Colombia and abroad.

We began local exploration in and international exploration in We conduct exploration and production activities directly in Ecopetrol S. Our exploration plan in Colombia is focused on: i exploration of sites in close proximity to existing producing areas, and ii currently producing basins and frontier areas, including off-shore areas primarily operated by our business partners, which we believe have the potential for large discoveries. We strive to balance these two focuses and develop the best mix of activities for our business.

In addition, our exploration strategy for blocks, that are considered less attractive, is to look for business partners to share our interests or to sell our entire interest. Our exploration strategy outside of Colombia is focused on locating prospects and establishing joint ventures with experienced operators.

In order to implement this strategy, we have a Regional Studies team that manages our New Ventures and a Global Offshore team, which is responsible for ensuring the incorporation of contingent resources from the Caribbean Offshore in Colombia, the U. Gulf Coast and Brazil. Unless otherwise stated, all figures are given before deductions for royalties. Currently we have exploration activities in most of the sedimentary basins in Colombia, in which active oil and gas operations are found.

The following map shows the basins where we are currently conducting exploration activities.


Caño Limón–Coveñas pipeline

As filed with the Securities and Exchange Commission on May 30, Washington, D. FORM F. Commission file number: Exact name of Registrant as specified in its charter. Jurisdiction of incorporation or organization. Carrera 13 No.







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