ECOPETROL S.A. (ifrs-full:DisclosureOfOperatingSegmentsExplanatory)

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

ECOPETROL S.A. | CIK:0001444406 |

ifrs-full:DisclosureOfOperatingSegmentsExplanatory