Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 6
Key Information 6
Company Overview 6
Ecopetrol SA, Valuation and Financial Data 7
Ecopetrol SA, Share Price Performance 7
Share Price Performance, Q1, 2017-Q1, 2018 7
Ecopetrol SA, Key Valuation Metrics 8
Key Valuation Metrics, Q1, 2017-Q1, 2018 8
Ecopetrol SA, Quarterly E&P Costs Trends 9
Upstream Capital Expenditure, Q1, 2017-Q1, 2018 9
Ecopetrol SA, Quarterly Production Trends 10
Ecopetrol SA, Total Oil and Gas Production 10
Total Crude Oil and Natural Gas Production Trend, Q1, 2017-Q1, 2018 10
Ecopetrol SA, Crude Oil Production 12
Total Crude Oil Production Trend, Q1, 2017-Q1, 2018 12
Ecopetrol SA, Natural Gas Production 13
Total Natural Gas Production Trend, Q1, 2017-Q1, 2018 13
Ecopetrol SA, Valuation and Financial Data, 2013-2017 14
Ecopetrol SA, Share Price Performance, 2013-2017 14
Share Price Performance, 2013-2017 14
Key Valuation Metrics, 2013-2017 16
Ecopetrol SA, Production and Reserves Trends 17
Total Oil and Gas, Reserves and Production 17
Total Crude Oil and Natural Gas Production and Reserves Trend, 2013-2017 17
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2013-2017 19
Total Crude Oil and Natural Gas Reserve Changes, 2013-2017 20
Crude Oil/Liquids Production and Reserve 21
Crude Oil/Liquids Production and Reserve Trend, 2013-2017 21
Crude Oil Production and Reserves By Country/Region, 2013-2017 23
Crude Oil/Liquids Reserve Changes, 2013-2017 24
Natural Gas Production and Reserve 25
Natural Gas Production and Reserve Trend, 2013-2017 25
Natural Gas Production and Reserves, By Country/Region, 2013-2017 27
Total Crude Oil and Natural Gas Reserves Life Index 29
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2013-2017 30
Ecopetrol SA, E&P Costs Trends 31
Allocation of the Upstream Capital Expenditure 31
Upstream Capital Expenditure, 2013-2017 31
Acquisition Costs By Country/Region, 2013-2017 33
Exploration and Development Costs, By Country/Region, 2013-2017 34
Oil and Gas Cost Per boe, US$/boe 35
Oil and Gas Cost Per boe, US$/boe, 2013-2017 35
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2013-2017 37
Ecopetrol SA, Reserve Replacement Ratio 38
Oil and Gas Production Replacement Ratio 38
Oil and Gas Production Replacement Ratio, 2013-2017 38
Oil and Gas Production Replacement Ratio, By Country/Region, 2013-2017 41
Ecopetrol SA, Results of Oil & Gas Operations Trend 42
Oil and Gas Revenue and Expenses 42
Oil and Gas Revenue and Expenses, 2013-2017 42
Oil and Gas Revenue and Expenses, By Country/Region, 2013-2017 44
Oil and Gas Revenue and Expenses, Per boe 45
Oil and Gas Revenue and Expenses, By boe, 2013-2017 45
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2013-2017 47
Oil and Gas Performance Metrics 48
Ecopetrol SA, Land Holdings and Well Data 49
Developed and Undeveloped Acreage 49
Gross and Net Developed and Undeveloped Acreage, 2013-2017 49
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2013-2017 51
Well Statistics 55
Producible Oil and Gas Well, 2013-2017 55
Producible Oil and Gas Well, By Country/Region, 2013-2017 57
Exploration and Development Wells Drilled, 2013-2017 63
Exploration and Development Wells Drilled, By Country/Region, 2013-2017 65
Recent Developments 67
Ecopetrol SA - Recent Developments 67
Aug 14, 2018: Ecopetrol announces 2018 second quarter results 67
Aug 14, 2018: Ecopetrol announces 2018 second quarter results 69
Aug 08, 2018: Ecopetrol announces appointment of new Corporate Vice President of Finance (CFO) 70
Aug 08, 2018: Ecopetrol announces appointment of new Corporate Vice President of Finance (CFO) 71
Aug 08, 2018: Ecopetrol announces appointment of new Corporate Vice President of Finance (CFO) 71
Jul 31, 2018: Ecopetrol announces resignation of Vice President for strategy and finance 72
Jul 26, 2018: Stork awarded integrated operations and maintenance contract renewal by Ecopetrol 72
Jul 26, 2018: Ecopetrol To Prepay International Loans Guaranteed By US Exim Bank For a Nominal Amount Of USD $156 Million 72
Jul 05, 2018: Ecopetrol Announces New Oil Finding At Cundinamarca 73
Appendix 74
Methodology 74
Coverage 74
Secondary Research 74
Primary Research 75
Data Information Sources 75
Company Source 75
SEC/Other Regulatory Filings 75
Other Sources 75
Expert Panel Validation 75
Data Definition 76
Oil and Gas Reserves 76
Units of Measure 76
About GlobalData 77
Disclosure 77
Disclaimer 77

List of Tables
Table 1: Ecopetrol SA, Key Facts 6
Table 2: Ecopetrol SA, Share Price Performance, Q1, 2017-Q1, 2018 7
Table 3: Ecopetrol SA, Key Valuation Metrics, Q1, 2017-Q1, 2018 8
Table 4: Ecopetrol SA, Upstream Capital Expenditure, Q1, 2017-Q1, 2018 9
Table 5: Ecopetrol SA, Total Crude Oil and Natural Gas, Production, Q1, 2017-Q1, 2018 11
Table 6: Ecopetrol SA, Total Crude Oil Production, mmbbl, Q1, 2017-Q1, 2018 12
Table 7: Ecopetrol SA, Total Natural Gas Production, bcf, Q1, 2017-Q1, 2018 13
Table 8: Ecopetrol SA, Share Price Performance, 2013-2017 15
Table 9: Ecopetrol SA, Key Valuation Metrics, 2013-2017 16
Table 10: Ecopetrol SA, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 17
Table 11: Ecopetrol SA, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2013-2017 19
Table 12: Ecopetrol SA, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013-2017 20
Table 13: Ecopetrol SA, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 22
Table 14: Ecopetrol SA, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2013-2017 23
Table 15: Ecopetrol SA, Crude Oil Reserve Changes, mmbbl, 2013-2017 24
Table 16: Ecopetrol SA, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 26
Table 17: Ecopetrol SA, Natural Gas Production and Reserves, By Country/Region, bcf, 2013-2017 27
Table 18: Ecopetrol SA, Natural Gas Reserve Changes, bcf, 2013-2017 28
Table 19: Ecopetrol SA, Oil and Gas Reserves Life Index, Years, 2013-2017 29
Table 20: Ecopetrol SA, Oil and Gas Reserves Life Index, By Country/Region, Years, 2013-2017 30
Table 21: Ecopetrol SA, Upstream Capital Expenditure, US$ mil, 2013-2017 32
Table 22: Ecopetrol SA, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2013-2017 33
Table 23: Ecopetrol SA, Exploration and Development Costs, By Country/Region, US$ mil, 2013-2017 34
Table 24: Ecopetrol SA, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 35
Table 25: Ecopetrol SA, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2013-2017 37
Table 26: Ecopetrol SA, Oil and Gas Production Replacement Ratio, %, 2013-2017 39
Table 27: Ecopetrol SA, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2013-2017 41
Table 28: Ecopetrol SA, Revenue and Expenses, US$ mil, 2013-2017 42
Table 29: Ecopetrol SA, Revenue and Expenses, By Country/Region, US$ mil, 2013-2017 44
Table 30: Ecopetrol SA, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 46
Table 31: Ecopetrol SA, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2013-2017 47
Table 32: Ecopetrol SA, Oil and Gas Performance Metrics, 2013-2017 48
Table 33: Ecopetrol SA, Land Holdings (Developed and Undeveloped Acreage), Acres, 2013-2017 50
Table 34: Ecopetrol SA, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2013-2017 53
Table 35: Ecopetrol SA, Producible Oil and Gas Wells, 2013-2017 56
Table 36: Ecopetrol SA, Producible Oil and Gas Wells, By Country/Region, 2013-2017 61
Table 37: Ecopetrol SA, Exploratory and Developed Wells, 2013-2017 63
Table 38: Ecopetrol SA, Exploratory and Developed Wells, By Country/Region, 2013-2017 65

List of Figures
Figure 1: Ecopetrol SA, Share Price Performance, USD/Share, Q1, 2017-Q1, 2018 7
Figure 2: Ecopetrol SA, Upstream Capital Expenditure, US$ mil, Q1, 2017-Q1, 2018 9
Figure 3: Ecopetrol SA, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2017-Q1, 2018 10
Figure 4: Ecopetrol SA, Total Crude Oil Production, mmbbl, Q1, 2017-Q1, 2018 12
Figure 5: Ecopetrol SA, Total Natural Gas Production, bcf, Q1, 2017-Q1, 2018 13
Figure 6: Ecopetrol SA, Share Price Performance, USD/Share, 2013-2017 14
Figure 7: Ecopetrol SA, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2013-2017 16
Figure 8: Ecopetrol SA, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 17
Figure 9: Ecopetrol SA, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2013-2017 19
Figure 11: Ecopetrol SA, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 21
Figure 12: Ecopetrol SA, Oil Reserves, End of Period, By Country/Region, mmbbl, 2013-2017 23
Figure 14: Ecopetrol SA, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 25
Figure 15: Ecopetrol SA, Gas Reserves, End of Period, By Country/Region, bcf, 2013-2017 27
Figure 17: Ecopetrol SA, Oil and Gas Reserves Life Index, Years, 2013-2017 29
Figure 18: Ecopetrol SA, Upstream Capital Expenditure, US$ mil, 2013-2017 31
Figure 19: Ecopetrol SA, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 35
Figure 20: Ecopetrol SA, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2013-2017 38
Figure 21: Ecopetrol SA, Revenue and Expenses, US$ mil, 2013-2017 42
Figure 22: Ecopetrol SA, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 45
Figure 23: Ecopetrol SA, Oil and Gas Performance Metrics, 2013-2017 48
Figure 24: Ecopetrol SA, Land Holdings (Developed and Undeveloped Acreage), Acres, 2013-2017 49
Figure 25: Ecopetrol SA, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2013-2017 51
Figure 26: Ecopetrol SA, Total Net Undeveloped Acreage, By Country/Region, Acres, 2013-2017 51
Figure 27: Ecopetrol SA, Total Gross Developed Acreage, By Country/Region, Acres, 2013-2017 52
Figure 28: Ecopetrol SA, Total Net Developed Acreage, By Country/Region, Acres, 2013-2017 53
Figure 29: Ecopetrol SA, Producible Oil and Gas Wells, 2013-2017 55
Figure 30: Ecopetrol SA, Gross Productive Gas Wells, By Country/Region, Number, 2013-2017 57
Figure 31: Ecopetrol SA, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2013-2017 57
Figure 32: Ecopetrol SA, Gross Productive Oil Wells, By Country/Region, Number, 2013-2017 58
Figure 33: Ecopetrol SA, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2013-2017 59
Figure 34: Ecopetrol SA, Net Productive Gas Wells, By Country/Region, Number, 2013-2017 59
Figure 35: Ecopetrol SA, Net Productive Oil & Gas Wells, By Country/Region, Number, 2013-2017 60
Figure 36: Ecopetrol SA, Net Productive Oil Wells, By Country/Region, Number, 2013-2017 61
Figure 37: Ecopetrol SA, Exploratory and Developed Wells, 2013-2017 63