Net earnings from continuing operations were $590 million ($1.19/share) in the first quarter of 2007, compared with $54 million ($0.11/share) in the same period of 2006. Net earnings include unrealized gains or losses on derivative contracts, and gains or losses on foreign currency translation and disposal of assets.
"We broke through the 400,000 barrel per day mark, consistent with our target of increasing production by 15% in 2007," said Ron Brenneman, president and chief executive officer. "At the same time, we continued to advance our five major projects and saw early exploration success in the North Sea."
First quarter production from continuing operations averaged 405,000 boe/d net to Petro-Canada in 2007, up from 355,000 boe/d net in the same quarter of 2006. Higher volumes reflected the addition of North Sea projects (Buzzard, De Ruyter and L5b-C) and higher East Coast Canada and Oil Sands production. This was partially offset by natural declines in the North American Natural Gas business.
In the Downstream, strong North American petroleum product demand and refining margins, combined with solid execution, delivered excellent first quarter results.
"The Downstream had a very good quarter," said Brenneman. "We've been improving the fundamentals of this business for several years so that, when the business environment is strong, it shows up on our bottom line."
Major Project Milestones
Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and downstream sectors of the industry in Canada and internationally.
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