OREANDA-NEWS. Crude and gas 1P reserves increased 5.1% compared to 2012; the reserve replacement ratio was 139%, while the reserves average life remained the same at 8.1 years.

Average production for 2013 (Ecopetrol S.A., including its interests in affiliates and subsidiaries) was 788.2 mboe, a 4.5% increase compared to 2012 despite transport restrictions and blockades by some communities.

Ecopetrol S.A. 's net income in 2013 was COP 13.35 trillion. Results were positive in a year with considerable challenges and adjustments in the capital markets.

BOGOTA, February 25, 2014. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announced today its unaudited financial results, both consolidated and unconsolidated, for the fourth quarter and full year 2013, prepared and filed in Colombian pesos (COP ) in accordance with the Public Accountancy Legal Framework (R„zgimen de Contabilidad P„Њblica, RCP) of Colombia's General Accounting Office.

Unconsolidated

(COP Billion)

4Q 2013 *

3Q 2013*

Var. %

4Q 2012*

Var. % **

2013

2012

Var. %

Total sales

16,201.3

16,218.4

( 0.1%)

15,054.4

7.6%

62,514.3

59,524.6

5.0%

Operating profit

4,077.3

5,497.5

( 25.8%)

5,474.2

(25.5%)

19,627.4

22,104.9

( 11.2%)

Net Income

2,629.6

3,973.8

( 33.8%)

3,706.8

(29.1%)

13,353.0

14,973.0

( 10.8%)

Earnings per share (COP )

63.96

96.65

( 33.8%)

90.15

(29.1%)

324.76

364.16

( 10.8%)

EBITDA

5,268.4

8,181.1

( 35.6%)

5,988.4

(12.0%)

28,497.5

28,555.1

( 0.2%)

EBITDA Margin

33%

50%

40%

46%

48%

Consolidated

(COP Billion)

4Q 2013 *

3Q 2013*

Var. %

4Q 2012*

Var. % **

2013

2012

Var. %

Total sales

17,960.3

18,127.2

( 0.9%)

17,758.2

1.1%

70,428.7

68,852.1

2.3%

Operating profit

4,209.8

6,144.0

( 31.5%)

5,323.8

( 20.9%)

21,834.7

23,343.0

( 6.5%)

Net Income

2,426.6

3,860.7

( 37.1%)

3,620.8

( 33.0%)

13,106.5

14,779.0

( 11.3%)

EBITDA

4,901.4

7,999.7

( 38.7%)

5,866.3

( 16.4%)

28,013.7

28,507.0

( 1.7%)

EBITDA Margin

27%

44%

33%

40%

41%

* Not audited

** Between 4Q 2013 and 4Q 2012

Some 2012 figures were reclassified for the sake of comparison with 2013 figures

Consolidated

4Q 2013

3Q 2013

%

4Q 2012

%

2013

2012

%

Production (mboed)

779.4

800.4

(2.6%)

762.0

2.3%

788.2

754.0

4.5%

1P Reserves (mmboe)

N.A.

N.A.

N.A.

N.A.

N.A.

1,972

1,877

5.1%

Highlights of Ecopetrol S.A.'s financial and operating results

In the opinion of Ecopetrol S.A.'s CEO, Javier Guti„zrrez:

"In 2008, we launched a strategic plan and we have achieved Important gains such as a 97% growth In production with an Increase of 63% In reserves volume, the Implementation of a new transport model and the supply of fuels with the highest environmental standards In Latin America. These operating results have been accompanied by profitability and value, among which I would highlight our EBITDA margins and our cumulative Income of COP 69 trillion pesos since 2008. The results obtained are evidence of the company's growth.

2013 was a good year for Ecopetrol. Both reserves and production grew, and we maintained strong financial results within a challenging environment for our operations. Our organization made Important achievements on all fronts, Including the following:

Proven reserves of hydrocarbons Increased 5.1%, reaching 1.972 million barrels equivalent, with a replacement ratio of 139%, while the average life of reserves remained the same at 8.1 years.

We reached a new annual production record of 788 thousand barrels equivalent per day, an Increase of 4.5% over 2012.

In transport, we completed the transition to the new profit center model, and began the operation of the Bicentenario oil pipeline.

We also made a significant progress of 85.7% In the modernization of the Cartagena refinery. The market diversification strategy for the sale of crude and products was another Important highlight, Increasing significantly sales volumes to the Far East.

For a third year In a row we have been Included In the Dow Jones World Sustainability Index.

Ecopetrol remains a financially strong company, with high margins (EBITDA, operating and net) in comparison to other oil companies. Its indebtedness continues to be low and its cash generation is strong.

In conclusion, I would like to send a message of optimism and confidence to our more than 420 thousand shareholders, emphasizing both the important achievements made as well as the future growth strategy, which will make Ecopetrol a greater and stronger company."