Mr. Jorge Tellez reports

ECOPETROL ANNOUNCES ITS RESULTS FOR THE SECOND QUARTER OF 2014

Ecopetrol S.A. has released its unaudited financial results, both consolidated and unconsolidated, for the second quarter of 2014. The financial results were prepared and filed in Colombian pesos in accordance with the public accountancy legal framework of Colombia's General Accounting Office. Some figures in this release are presented in U.S. dollars, as indicated. The financial results in the main body of this report have been rounded to one decimal place. Additionally, some 2013 figures have been reclassified to be comparable with those of 2014.

                           SUMMARY OF FINANCIAL RESULTS
                           (in billion Colombian pesos)    

                                            Unconsolidated
                         Q2 2014*   Q1 2014*   Q2 2013*   H1 2014*   H1 2013*

Total sales             14,976.6   15,741.7   15,322.7   30,718.3   30,094.6
Operating profit         4,161.0    4,552.6    4,907.1    8,713.6   10,052.5
Net income               2,847.8    3,225.9    3,253.8    6,073.6    6,749.6
Earnings per share         69.26      78.46      79.14     147.72     164.15
EBITDA                   6,770.5    7,704.6    7,302.1   14,475.1   15,048.0
EBITDA margin                 45%        49%        48%        47%        50%

                                            Consolidated
                         Q2 2014*   Q1 2014*   Q2 2013*   H1 2014*   H1 2013*

Total sales             17,749.3   18,262.0   17,595.6   36,011.2   34,341.3
Operating profit         4,921.1    5,882.8    5,927.2   10,803.9   11,481.1
Net income               2,787.5    3,287.4    3,407.5    6,074.9    6,819.2
EBITDA                   6,681.6    7,793.0    7,516.1   14,474.6   15,112.6
EBITDA margin                 38%        43%        43%        40%        44%

* Not audited                

In the opinion of Ecopetrol's chief executive officer, Javier Gutierrez:

The results of the second quarter of 2014 show the positive effect of international crude prices that offset the strong impact of the difficult operational environment (29 attacks to the transport infrastructure during the quarter and 64 in the first semester of the year) on production and sales.

Even though the company produced an average of 714,000 barrels in June (Ecopetrol not including affiliates and subsidiaries), mainly due to normality in the operation, the results of April and May were hit by the forced shutdown of the Cano Limon-Covenas pipeline during 40 days between March 25 and June 3, as well as the shutdown of the Transandino pipeline since June 10, and repeated communities' blockades of production fields.

During the quarter, net income reached 2.85 trillion Colombian pesos, 11.7 per cent less than that of the first quarter of the year. Earnings before interest, taxes, depreciation and amortization were 6.77 trillion pesos, with a margin of 45 per cent and a decrease of 12.1 per cent compared with the previous quarter.

In this quarter, it is very important to highlight the progress of the company's international exploration strategy with the discovery in the Rydberg well on the U.S. Gulf of Mexico coast, and the acquisition of a 10-per-cent stake in blocks 38/11 and 39/11 in Angola. Subsidiaries keep delivering positive financial results, where transport subsidiaries stand out. Finally, nine plants of the new Cartagena refinery had their mechanical completion, and the overall progress of the project stands at 92 per cent.

Regarding the operation, two very important milestones were reached and became effective on July 1. The first is the change in the organizational structure with the creation of the general operations directorate, to which the vice-presidents of exploration, development and production, transportation, and downstream report directly. This new structure will improve the co-ordination among the business areas. The second milestone is the regional model under which the operation is grouped into four major regions: (1) Caribbean coast and Pacific coast, (2) Central, (3) Orinoquia, and (4) Southern. Each will have with its own regional vice-presidency, which will help provide greater agility in decision making.

With respect to production, the progress of secondary recovery pilot projects in the Magdalena Valley and the 7-per-cent growth in the production of companies in which Ecopetrol has a share interest stand out.

In relation to financial results, the company highlights the offering of international bonds for $2-billion (U.S.) with a 31-year term and a favourable yield, and S&P left unchanged its BBB/stable rating in foreign currency. Both events show the confidence of capital markets and financial strength of the company.

Finally, this quarter was challenging for results and the operation, but with important progress in the strategy that allows the company to be optimistic about the future of the company.

The complete report is available on the company's website.