Ecopetrol SA is a Colombia-based company engaged in the development of commercial or industrial activities related to the exploration, exploitation, refining, transportation, storage and distribution of hydrocarbons and its by-products. The Company divides its operations into four business segments: exploration and production, transportation, refining, and marketing and supply. The Company�s range of products include such commodities as middle distillates, gasoline, natural gas, liquefied petroleum gas (LPG), propane, asphalts and crude oils, among others. As of December 31, 2011, the Company owned such subsidiaries as Ecopetrol Oleo e Gas do Brasil Ltda, Ecopetrol del Peru SA, Black Gold Re Ltd, Andean Chemicals Ltd, Bioenergy SA, Refineria de Cartagena SA, Hocol Petroleum Limited and Oleoducto Bicentenario de Colombia SAS, among others.