Shell Canada Announces Quarterly Earnings

Shell Canada Limited has announced earnings of $475 million or $0.58 per common share in the second quarter of 2006 compared with $526 million or $0.64 per common share for the corresponding period in 2005. High maintenance costs and lower production associated with the first major scheduled turnaround of the Athabasca Oil Sands Project offset a favorable adjustment resulting from changes to federal and Alberta corporate tax rates. Earnings for the first six months of 2006 were $922 million compared with $943 million for the same period in 2005.

Cash flow from operations was $527 million for the quarter and $1,249 million for the first six months of 2006, down $276 million and $191 million respectively from the same periods in 2005.

Excluding the acquisition of BlackRock Ventures Inc., capital and predevelopment expenditures amounted to $492 million in the second quarter and $896 million for the first six months of 2006 compared with $327 million and $596 million respectively for 2005.

“The acquisition of BlackRock in the second quarter was an important step forward in our growth strategy,” said Clive Mather, Shell Canada’s president and CEO. “The first major turnaround at the Athabasca Oil Sands Project is now behind us and we are looking for a strong second half from our Oil Sands business. Our Oil Products business achieved record results for the second consecutive quarter and the E&P business remains on track with good development prospects in both the Foothills and basin-centered gas.”


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