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Petro-Canada cashes in



By Upstream staff 

Petro-Canada's third-quarter profit has surged on strong performances from its downstream and oil sands businesses.

The Canadian player said net earnings were C$678 million (US$601.8 million), or C$1.36 per share in the third quarter, up from C$614 million, or C$1.19 per share in the year ago period.

The company said operating earnings from continuing operations adjusted for unusual items were C$564 million, or C$1.13 per share.

Cash flow was C$1.09 billion, or C$2.17 a share, compared with C$1 billion, or C$1.93 a share in the same quarter last year.

Production from continuing operations averaged 333,000 barrels of oil equivalent per day in the quarter, down from 353,000 boepd in the same quarter of 2005.

The shutdown of Terra Nova and natural declines in the North Sea and in North American Natural Gas were partially offset by the addition of White Rose production and higher oil sands volumes.


Thursday, 26 October, 2006, 12:40 GMT  | last updated: Thursday, 26 October, 2006, 12:40 GMT

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