ECOPETROL S.A. | CIK:0001444406 | 3

  • Filed: 4/26/2018
  • Entity registrant name: ECOPETROL S.A. (CIK: 0001444406)
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    • ifrs-full:DisclosureOfRevenueExplanatory

    25.
    Sales revenue
     
    The following is the breakdown of sales revenue for the years ended December 31, 2017, 2016 and 2015:
     
     
     
    2017
     
    2016
     
    2015
     
    National sales
     
     
     
     
     
     
     
     
     
     
    Mid-distillates
     
     
    9,590,326
     
     
    8,553,503
     
     
    10,215,224
     
    Gasoline
     
     
    6,990,187
     
     
    6,092,739
     
     
    6,128,208
     
    Services
     
     
    3,873,352
     
     
    4,043,284
     
     
    4,435,274
     
    Natural gas
     
     
    1,815,754
     
     
    1,988,336
     
     
    1,845,345
     
    Crude oil
     
     
    909,871
     
     
    553,666
     
     
    491,279
     
    Plastic and rubber
     
     
    833,982
     
     
    724,708
     
     
    724,392
     
    LPG and propane
     
     
    509,619
     
     
    405,869
     
     
    335,494
     
    Asphalts
     
     
    275,803
     
     
    340,400
     
     
    461,188
     
    Other products
     
     
    1,207,245
     
     
    994,645
     
     
    988,346
     
     
     
     
    26,006,139
     
     
    23,697,150
     
     
    25,624,750
     
    Recognition of price differential (1)
     
     
    2,229,953
     
     
    1,048,022
     
     
    441,871
     
     
     
     
    28,236,092
     
     
    24,745,172
     
     
    26,066,621
     
    Foreign sales
     
     
     
     
     
     
     
     
     
     
    Crude oil
     
     
    21,479,063
     
     
    17,278,579
     
     
    21,181,265
     
    Fuel oil
     
     
    1,982,408
     
     
    2,158,539
     
     
    2,166,469
     
    Gasoline and turbo fuels
     
     
    1,223,994
     
     
    1,046,758
     
     
    93,125
     
    Diesel
     
     
    1,213,740
     
     
    1,604,498
     
     
    81,982
     
    Plastic and rubber
     
     
    1,169,101
     
     
    1,171,342
     
     
    1,096,730
     
    Natural gas
     
     
    32,303
     
     
    58,809
     
     
    182,950
     
    LPG and propane
     
     
    15,631
     
     
    8,568
     
     
    -
     
    Trading of crude
     
     
    -
     
     
    -
     
     
    1,309,196
     
    Cash flow hedge for future exports – Reclassification to profit or loss (Note 30.2.2)
     
     
    160,772
     
     
    33,074
     
     
    7,646
     
    Other
     
     
    441,124
     
     
    380,222
     
     
    161,287
     
     
     
     
    27,718,136
     
     
    23,740,389
     
     
    26,280,650
     
     
     
     
    55,954,228
     
     
    48,485,561
     
     
    52,347,271
     
     
    (1)
    Corresponds to the application of Decree 1880 of September 2014 and Resolution 180522 of 2010, which defined the procedure for price differentials (value generated by the difference between the parity price and the regulated price, which can be positive or negative). See Note 4.16 – Sales revenue recognition, for more details.
     
    Sales by geographic areas
     
    The following are the sales revenue by geographic area for the years ended December 31, 2017, 2016 and 2015:
     
     
     
    2017
     
    %
     
    2016
     
    %
     
    2015
     
    %
     
    Colombia
     
     
    28,236,092
     
     
    50.5
    %
     
    24,745,172
     
     
    51.0
    %
     
    26,066,621
     
     
    49.8
    %
    United States
     
     
    12,532,932
     
     
    22.4
    %
     
    11,956,967
     
     
    24.7
    %
     
    11,921,720
     
     
    22.8
    %
    Asia
     
     
    6,136,796
     
     
    11.0
    %
     
    2,717,414
     
     
    5.6
    %
     
    6,123,593
     
     
    11.7
    %
    Central America and the Caribbean
     
     
    6,070,565
     
     
    10.8
    %
     
    3,551,894
     
     
    7.3
    %
     
    3,366,978
     
     
    6.4
    %
    South America and others
     
     
    1,947,226
     
     
    3.5
    %
     
    2,568,163
     
     
    5.3
    %
     
    886,433
     
     
    1.7
    %
    Europe
     
     
    1,030,617
     
     
    1.8
    %
     
    2,945,951
     
     
    6.1
    %
     
    3,981,926
     
     
    7.6
    %
     
     
     
    55,954,228
     
     
    100
    %
     
    48,485,561
     
     
    100
    %
     
    52,347,271
     
     
    100
    %
     
    Concentration of customers
     
    During 2017, Organización Terpel S.A. represented 14.3% of sales revenue for the period (2016 - 14.4% and 2015 - 14.4%); no other customer represented more than 10% of our sales. The commercial relationship with this customer is for the sale of refined products and transportation services. Sales to this customer are recognized in the Refining and Petrochemical and Transport and Logistics segments. Organización Terpel is the leader in these areas thanks to its network of gas stations and its strategy of sales to the industrial and the aviation segments.