Ecopetrol S.A., an integrated oil company, engages in the exploration, development, and production of crude oil and natural gas. As of December 31, 2011, its proved reserves of crude oil and natural gas totaled 1,856.7 million barrels of oil equivalent. The company also owns and operates refineries that produce a range of refined products, including gasoline, diesel, kerosene, jet fuel, aviation fuel, liquefied petroleum gas, and sulfur; and petrochemicals and industrial products comprising paraffin waxes, lube base oils, low-density polyethylene, aromatics, asphalts, alkylates, cyclohexan, aliphatic solvents, and refinery grade propylene. In addition, the company engages in the transportation of crude oil, motor fuels, fuel oil, and other refined products, as well as diesel and palm oil mixture. Ecopetrol S.A., in partnership with other companies and joint venture partnerships, owned a network of approximately 5,089 kilometers of crude oil and multi-purpose pipelines; owned 2,886 kilometers of crude oil pipeline directly; owned 2,203 kilometers of crude oil pipeline with its business partners; and owned 3,679 kilometers of multi-purpose pipelines for the transportation of refined products from the Barrancabermeja refinery and from Reficar to wholesale distribution points. It also owned 52 stations and a nominal storage capacity associated to the transportation network of 19 million barrels of crude oil and 6 million barrels of refined products. Further, it markets various refined and feed stock products, including regular and high octane gasoline, diesel fuel, jet fuel, natural gas, and petrochemical products. The company was formerly known as Empresa Colombiana de Petróleos and changed its name to Ecopetrol S.A. in June 2003. Ecopetrol S.A. was founded in 1951 and is based in Bogota, Colombia.