Mr. Javier Gutierrez reports

ECOPETROL ANNOUNCES ITS RESULTS FOR THE THIRD QUARTER OF 2014

Ecopetrol SA has released its unaudited financial results, both consolidated and unconsolidated, for the third 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.

                SUMMARY OF ECOPETROL'S FINANCIAL RESULTS
                      (In billions of Colombian pesos)

                                          Q3 2014          Q3 2013

Total sales                              14,579.9         16,218.5
Operating profit                          3,875.6          5,706.2
Net income                                2,355.6          3,973.8
Earnings per share (COP$)                   57.29            96.65
EBITDA                                    5,471.9          8,166.3
EBITDA margin                                 38%              50%

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

"Our quarterly production improved, reaching 754,000 barrels per day due to better operational conditions and progress of key projects in our fields. However, the period's financial results were clearly affected by the international situation, which led to a $9.4-(U.S.)-per-barrel decline in crude export prices compared to the prior quarter, as well as weakening of the currencies of emerging countries.

"As a result, our profit was lower because of the decline in the sale prices of crude, products and gas, which decreased 9.5 per cent, 4.4 per cent and 2.9 per cent, respectively, in comparison to the second quarter of this year. We recorded a significant non-operating loss due to the valuation of our dollar-denominated liabilities, at a higher exchange rate with increased 109 Colombian pesos per dollar during September.

"It is important to mention that a weakening of the peso-dollar exchange rate has two effects in our financial statements. A negative impact due to our dollar-denominated debt and a positive effect given that most of our operational revenue is dollar denominated, while the operational costs are mainly peso denominated.

"There were many highlights in the quarter, among which I would like to mention the following:

"Production was up by 2.8 per cent compared to the prior quarter, and our Chichimene field reached a record production of 66,000 barrels a day.

"In exploration, we announced a discovery in the U.S. Gulf of Mexico (Leon well) and in Colombia were awarded five blocks in the ANH round 2014.

"The volume of crude and products transported was higher owing to a decrease in number of attacks and the higher volumes transported by the Bicentenario oil pipeline.

"Barrancebermeja's refining gross margin rose 52 per cent due to the wider crude product spread, driving a major increase in the segment's earnings before interest, taxes, depreciation and amortization. The modernization of the Cartagena refinery reached a 94.7-per-cent total progress.

"We issued $1.2-billion (U.S.) in external debt bonds, and the agencies Moody's and Fitch confirmed their Baa2 and BBB risk ratings in foreign currency, respectively, for Ecopetrol.

"We must also mention the signing of a four-year collective labour agreement with our unions.

"As a closing, it is worth mentioning that several internal processes will be concluded in the coming months which are very important for our organization, including a review of our medium- and long-term strategies, the approval of next year's investment plan, and the preparation for adopting the international financial reporting standards (IFRS) starting Jan. 1, 2015."

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