ECOPETROL S.A. | CIK:0001444406 |

Filed: 4/26/2018

Entity registrant name: ECOPETROL S.A. (CIK: 0001444406)

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ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory

33.	Information by segments

A description of the Group’s business segments is in Note 4.19 – Information by business segment.

33.1

Statement of profit or loss

The following segment information is reported based on the information used by the Board of Directors as the top body to make strategic and operational decisions of these business segments. The performance of the segments are based primarily on an analysis of income, costs, expenses and results for the period generated by each segment which are regularly monitored.

The information disclosed in each segment is presented net of transactions between the Ecopetrol Business Group companies.

Below are the consolidated statements of profit or loss by segment for the years ended December 31, 2017, 2016 and 2015:

	For the year ended on December 31, 2017
	Exploration and Production		Refining and Petrochemicals		Transport and Logistics		Eliminations		Total
Third-party sales		25,004,320		27,343,359		3,606,549		-		55,954,228
Inter-segment sales		11,490,614		1,300,657		6,991,515		(19,782,786)		-
Total sales revenue		36,494,934		28,644,016		10,598,064		(19,782,786)		55,954,228
Fixed costs		8,055,925		2,886,745		2,637,604		(3,239,880)		10,340,394
Variable costs		18,254,159		23,968,650		634,231		(16,289,109)		26,567,931
Cost of sales		26,310,084		26,855,395		3,271,835		(19,528,989)		36,908,325
Gross profit		10,184,850		1,788,621		7,326,229		(253,797)		19,045,903
Administrative expenses		781,386		516,501		466,669		(32)		1,764,524
Operation and project expenses		2,070,916		965,457		142,847		(253,155)		2,926,065
Impairment of non-current assets		(183,718)		(1,067,965)		(59,455)		-		(1,311,138)
Other operating income and expenses, net		(545,218)		11,694		28,121		-		(505,403)
Operating income		8,061,484		1,362,934		6,748,047		(610)		16,171,855
Financial result, net
Financial income		1,062,393		164,006		106,659		(173,702)		1,159,356
Financial expenses		(2,288,576)		(1,110,874)		(434,664)		173,513		(3,660,601)
Foreign exchange gain (loss), net		(101,030)		163,992		(57,448)		-		5,514
		(1,327,213)		(782,876)		(385,453)		(189)		(2,495,731)
Share of profits of associates		120,786		15,245		(42,493)		-		93,538
Income before tax		6,855,057		595,303		6,320,101		(799)		13,769,662
Income tax		(3,034,556)		(238,625)		(2,527,087)		-		(5,800,268)
Net profit (loss) for the period		3,820,501		356,678		3,793,014		(799)		7,969,394
Profit (loss) attributable to:
Group owners of parent		3,820,501		358,859		2,999,978		(799)		7,178,539
Non-controlling interest		-		(2,181)		793,036		-		790,855
		3,820,501		356,678		3,793,014		(799)		7,969,394
Supplementary information
Depreciation, depletion and amortization		5,981,294		1,188,871		1,111,182		-		8,281,347

	For the year ended December 31, 2016
	Exploration and Production		Refining and Petrochemicals		Transportation and Logistics		Eliminations		Total
Third-party sales		20,527,332		24,194,024		3,764,205		-		48,485,561
Inter-segment sales		7,693,878		629,690		6,884,571		(15,208,139)		-
Total sales revenue		28,221,210		24,823,714		10,648,776		(15,208,139)		48,485,561
Fixed cost		6,940,074		2,458,745		2,861,269		(2,968,780)		9,291,308
Variable cost		16,032,574		20,385,242		488,522		(11,946,223)		24,960,115
Cost of sales		22,972,648		22,843,987		3,349,791		(14,915,003)		34,251,423
Gross profit		5,248,562		1,979,727		7,298,985		(293,136)		14,234,138
Administrative expenses		832,266		574,413		516,884		(295)		1,923,268
Operation and projects expenses		1,656,960		1,206,718		180,353		(292,344)		2,751,687
Impairment of non-current assets		196,448		773,361		(41,062)		-		928,747
Other operating income and expenses, net		(349,419)		20,947		53,559		801		(274,112)
Operating income		2,912,307		(595,712)		6,589,251		(1,298)		8,904,548
Financial result, net
Financial income		983,472		46,469		61,373		220,429		1,311,743
Financial expenses		(2,017,641)		(952,006)		(262,844)		(231,049)		(3,463,540)
Foreign exchange gain (loss), net		923,573		94,715		(41,858)		-		976,430
		(110,596)		(810,822)		(243,329)		(10,620)		(1,175,367)
Share of profit of associates		39,397		22,785		(837)		-		61,345
Income before tax		2,841,108		(1,383,749)		6,345,085		(11,918)		7,790,526
Income tax		(1,518,738)		(446,595)		(2,577,713)		-		(4,543,046)
Net income for the period		1,322,370		(1,830,344)		3,767,372		(11,918)		3,247,480
Income attributable to:
Group owners of parent		1,322,370		(1,823,020)		2,960,449		(11,918)		2,447,881
Non-controlling interest		-		(7,324)		806,923		-		799,599
		1,322,370		(1,830,344)		3,767,372		(11,918)		3,247,480
Supplementary information
Depreciation, depletion and amortization		5,482,827		1,145,780		978,394		-		7,607,001

	For the year ended December 31, 2015
	Exploration and Production		Refining and Petrochemicals		Transportation and Logistics		Eliminations		Total
Third-party sales		25,669,213		22,456,866		4,221,192		-		52,347,271
Inter-segment sales		6,063,398		788,810		6,623,358		(13,475,566)		-
Total Revenue		31,732,611		23,245,676		10,844,550		(13,475,566)		52,347,271
Fixed costs		7,208,632		1,902,797		3,304,815		(2,790,793)		9,625,451
Variable costs		18,500,240		18,856,011		439,607		(10,426,793)		27,369,065
Cost of sales		25,708,872		20,758,808		3,744,422		(13,217,586)		36,994,516
Gross income		6,023,739		2,486,868		7,100,128		(257,980)		15,352,755
Administrative expenses		731,626		451,250		518,109		-		1,700,985
Operation and projects expenses		2,969,723		1,155,301		157,596		(248,352)		4,034,268
Impairment of non-current assets		4,504,497		3,278,993		81,388		-		7,864,878
Other operating income and expenses, net		(399,954)		122,595		(101,182)		-		(378,541)
Operating income		(1,782,153)		(2,521,271)		6,444,217		(9,628)		2,131,165
Finance results, net
Financial income		536,121		135,622		86,568		(136,387)		621,924
Financial expenses		(1,774,090)		(451,906)		(492,485)		67		(2,718,414)
Foreign exchange gain (loss), net		(4,798,741)		(949,176)		181,303		-		(5,566,614)
		(6,036,710)		(1,265,460)		(224,614)		(136,320)		(7,663,104)
Share of profit of companies		(70,407)		23,187		533		-		(46,687)
Income before tax		(7,889,270)		(3,763,544)		6,220,136		(145,948)		(5,578,626)
Income tax		2,037,650		(257,256)		(2,490,747)		-		(710,353)
Net income (loss) for the period		(5,851,620)		(4,020,800)		3,729,389		(145,948)		(6,288,979)
Income attributable to:
Group owners of parent		(5,851,620)		(4,016,050)		2,819,759		(145,948)		(7,193,859)
Non-controlling interest		-		(4,750)		909,630		-		904,880
		(5,851,620)		(4,020,800)		3,729,389		(145,948)		(6,288,979)

Supplementary information
Depreciation, depletion and amortization		5,318,587		570,033		881,738		-		6,770,358

33.2

Sales by product

The sales by product for each segment are detailed below for the years ended December 31, 2017, 2016 and 2015:

	For the year ended on December 31, 2017
	Exploration and Production		Refining and Petrochemicals		Transport and Logistics		Eliminations		Total
Local sales
Mid-distillates		1,334		9,588,992		-		-		9,590,326
Gasoline		-		8,052,289		-		(1,062,102)		6,990,187
Services		181,384		221,910		10,597,698		(7,127,640)		3,873,352
Natural gas		2,540,233		4		-		(724,483)		1,815,754
Crude oil		11,668,529		-		-		(10,758,658)		909,871
Plastic and rubber		-		833,982		-		-		833,982
LPG and propane		199,796		309,823		-		-		509,619
Asphalts		34,834		240,969		-		-		275,803
Other products		214,059		1,103,089		-		(109,903)		1,207,245
		14,840,169		20,351,058		10,597,698		(19,782,786)		26,006,139
Recognition of price differential		-		2,229,953		-		-		2,229,953
		14,840,169		22,581,011		10,597,698		(19,782,786)		28,236,092
Foreign sales
Crude oil		21,426,665		52,398		-		-		21,479,063
Fuel oil		-		1,982,408		-		-		1,982,408
Gasoline and turbo fuels		-		1,223,994		-		-		1,223,994
Diesel		-		1,213,740		-		-		1,213,740
Plastic and rubber		-		1,169,101		-		-		1,169,101
Natural gas		32,303		-		-		-		32,303
LPG and propane		15,631		-		-		-		15,631
Cash flow hedge for future exports – Reclassification to profit or loss		160,772		-		-		-		160,772
Other		19,393		421,364		367		-		441,124
		21,654,764		6,063,005		367		-		27,718,136
		36,494,933		28,644,016		10,598,065		(19,782,786)		55,954,228

	For the year ended December 31, 2016
	Exploration and Production		Refining and Petrochemicals		Transportation and Logistics		Eliminations		Total
Local sales
Med-distillates		-		8,553,503		-		-		8,553,503
Gasoline and turbo fuel		-		6,465,939		-		(373,200)		6,092,739
Services		73,247		41,736		10,572,170		(6,643,869)		4,043,284
Natural gas		2,383,323		11,763		-		(406,750)		1,988,336
Plastic and rubber		-		724,708		-		-		724,708
L.P.G. and propane		90,783		319,644		-		(4,558)		405,869
Crude oil		5,284,554		-		-		(4,730,888)		553,666
Asphalts		31,277		309,123		-		-		340,400
Aromatics		-		186,228		-		-		186,228
Oil fuel		1,382		146,866		-		-		148,248
Other products		424,952		669,568		75,793		(510,144)		660,169
		8,289,518		17,429,078		10,647,963		(12,669,409)		23,697,150
Recognition of price differential		-		1,048,022		-		-		1,048,022
		8,289,518		18,477,100		10,647,963		(12,669,409)		24,745,172

Foreign sales
Crude		19,516,197		-		-		(2,237,618)		17,278,579
Oil fuel		-		2,158,539		-		-		2,158,539
Med-distillates				1,594,945		-		-		1,594,945
Plastic and rubber		-		1,171,342		-		-		1,171,342
Gasoline and turbo fuel				1,046,758		-		-		1,046,758
Natural gas		350,685		-		-		(291,875)		58,810
L.P.G. and propane		6,342		2,225		-		-		8,567
Cash flow hedging – Reclassification to profit or loss		33,074		-		-		-		33,074
Other products		25,395		363,250		814		316		389,775
		19,931,693		6,337,059		814		(2,529,177)		23,740,389
Total sales revenue		28,221,211		24,814,159		10,648,777		(15,198,586)		48,485,561

	For the year ended December 31, 2015
	Exploration and Production		Refining and Petrochemicals		Transportation and Logistics		Eliminations		Total
Local sales
Med-distillates		25,782		10,206,599		-		(17,157)		10,215,224
Gasoline		-		6,464,661		-		(336,453)		6,128,208
Services		118,812		198,369		10,822,078		(6,703,985)		4,435,274
Natural gas		2,198,284		-		-		(352,939)		1,845,345
Crude oil		5,847,368		-		-		(5,356,089)		491,279
Diesel and asphalts		49,583		411,605		-		-		461,188
Plastic and rubber		-		724,392		-		-		724,392
L.P.G. and propane		154,201		190,346		-		(9,053)		335,494
Other products		262,906		1,070,725		22,472		(367,757)		988,346
		8,656,936		19,266,697		10,844,550		(13,143,433)		25,624,750
Recognition of price differential		-		441,871		-		-		441,871
		8,656,936		19,708,568		10,844,550		(13,143,433)		26,066,621
Foreign sales
Crude		21,495,762		-		-		(314,497)		21,181,265
Fuel oil		-		2,166,469		-		-		2,166,469
Trading of crude		1,309,196								1,309,196
Natural gas		233,500		-		-		(50,550)		182,950
Gasoline and turbo fuel		27,756		65,369		-		-		93,125
Diesel		-		81,982		-		-		81,982
Plastic and rubber		-		1,096,730		-		-		1,096,730
Cash flow hedging – Reclassification to profit or loss		7,646		-		-		-		7,646
Other products and services		1,815		126,558		-		32,914		161,287
		23,075,675		3,537,108		-		(332,133)		26,280,650
Total revenue		31,732,611		23,245,676		10,844,550		(13,475,566)		52,347,271

33.3

Capital expenditures by segments

The following are the amounts of the investments made by each segment for the years ended December 31, 2017, 2016 and 2015:

2017	Exploration and Production		Refining and Petrochemicals		Transport and Logistics		Total
Property, plant and equipment		927,282		606,749		829,252		2,363,283
Natural and environmental resources		3,568,355		-		-		3,568,355
Intangibles		154,155		4,941		16,772		175,868
		4,649,792		611,690		846,024		6,107,506

2016	Exploration and Production		Refining and Petrochemicals		Transport and Logistics		Total
Property, plant and equipment		1,208,464		1,099,850		1,338,615		3,646,929
Natural and environmental resources		2,121,295		-		-		2,121,295
Intangibles		53,774		10,274		5,205		69,253
		3,383,533		1,110,124		1,343,820		5,837,477

2015	Exploration and Production		Refining and Petrochemicals		Transport and Logistics		Total
Property, plant and equipment		2,460,975		3,590,279		2,497,679		8,548,933
Natural and environmental resources		6,856,761		-		-		6,856,761
Intangibles		69,126		18,494		24,635		112,255
		9,386,862		3,608,773		2,522,314		15,517,949