Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth Ecopetrol’s ratio of earnings to fixed charges for the years ended December 31, 2017, 2016, 2015 and 2014 in accordance with IFRS (expressed in millions of Colombian pesos).

	For the year ended December 31,
Period	2017		2016		2015			2014
Income (loss)  before income tax and minority interest		13,769,662		7,790,526		(5,578,626	)		11,104,428
Income (loss) net from equity investees		93,538		61,345		(46,687	)		166,070
Pre-tax income from continuing operations before adjustment for income or loss from equity investees		13,676,124		7,729,181		5,531,939	)		10,938,358
Fixed Charges
Interest expensed and capitalized, amortization of debt discount and premium on all indebtedness		2,577,645		3,106,233		2,513,045			1,394,975
Estimated of the interest within rental expense		69,883		67,650		89,912			74,959
Total Fixed Charges		2,647,528		3,173,883		2,602,957			1,469,934
Amortization of capitalized interest		209,653		185,653		114,112			107,612
Distributed income of equity investees		285,961		426,837		332,438			667,014
Total added Items		16,819,266		11,515,554		(2,482,432	)		13,182,918
Interest Capitalized		191,651		341,209		744,426			640,698
Total subtract Items		191,651		341,209		744,426			640,698
Total Earnings		16,627,615		11,174,345		(3,226,858	)		12,542,220
Total Ratio of earnings		6.28		3.52		(1.24	)(1)(2)		8.53

(1) The deficiency for the year ended December 31, 2015 in peso terms was COP$5,829,815 million.

(2) The ratio of earnings to fixed charges for the year ended December 31, 2015 was affected by the recognition of non-cash accounting items such as: (a) an impairment of non-current assets of COP$7,864,875 million and (b) an unrealized loss on exchange rate differences of COP$3,695,754 million. Without the effect of these two factors, our ratio of earnings to fixed charges for the year ended December 31, 2015 would be 3.2.

Source: Ecopetrol’s accounting records.