*DJ Colombia Ecopetrol 2Q Net Profit Up 137% On Yr To COP 1.8Tln

Corrected July 28, 2010 20:31 ET (0031 GMT)

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July 28, 2010 19:57 ET (23:57 GMT)

*DJ Colombia's Ecopetrol 2Q Earning Per Share At COP44.6

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July 28, 2010 20:01 ET (00:01 GMT)

*DJ Colombia's Ecopetrol 2Q Total Sales Up 37% To COP9.13 Tln

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July 28, 2010 20:03 ET (00:03 GMT)

*DJ Colombia's Ecopetrol Oil Output Averaged 594,000 B/Day In 2Q

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July 28, 2010 20:05 ET (00:05 GMT)

*DJ Colombia's Ecopetrol To Borrow $23 Bln In 2011-2020

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July 28, 2010 20:24 ET (00:24 GMT)

*DJ CORRECT: Colombia Ecopetrol 2Q Net Profit Up 137% To COP 1.8T

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July 28, 2010 20:30 ET (00:30 GMT)

DJ Colombia Ecopetrol 2Q Net Profit Up 137% To COP1.8 Tln

BOGOTA (Dow Jones)--Colombian state-controlled oil company Ecopetrol SA (ECOPETROL.BO) booked a net profit of 1.81 trillion Colombian pesos ($978 million) in the second quarter, 137% more than in the same period of 2009, the company said in a statement Wednesday.

Ecopetrol's total sales revenues rose 37%, to COP9.13 trillion, from COP6.69 trillion in the same period a year ago, the company said. The company attributed the increase to higher oil prices and higher oil and gas production.

The company's total output, including the production of the companies bought since last year, rose to an average 594,000 barrels of oil equivalent a day, a record for the company.

The next profit is lower than what the market expected. Five analysts polled by Dow Jones Newswires had expected a median COP2.3 trillion.

The company's earnings per share were COP44.6.

The company also said it plans to raise $23 billion in debt over the year 2011 to 2020 to finance its $80 billion investment plan. Ecopetrol will pay for the remainder with $51 billion of its cashflow and about $6 billion from the 9.9% in new shares it plans to sell.

Shares of Ecopetrol rose 0.2% on Wednesday, to end at COP3,135, while the IGBC stock index fell 0.7%. The company released its profit report when the stock market had closed.

-By Inti Landauro, Dow Jones Newswires; 57-310-867 65 42; colombia@dowjones.com

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July 28, 2010 20:50 ET (00:50 GMT)

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