Petro-Canada has posted its fourth quarter operating earnings of $518 million ($1.07/share), up slightly from $513 million ($1.06/share) in the fourth quarter of 2007. Fourth quarter 2008 cash flow from operating activities before changes in non-cash working capital was $531 million ($1.10/share), up significantly from $17 million ($0.04/share) in the same quarter of last year.
Net losses were $691 million ($(1.43)/share) in the fourth quarter of 2008, compared with net earnings of $522 million ($1.08/share) in the same quarter of 2007.
In 2008, operating earnings were $3,857 million ($7.97/share), up 53% compared with $2,528 million ($5.17/share) in 2007. Cash flow from operating activities before changes in non-cash working capital for 2008 was $6,478 million ($13.38/share), up 72% from $3,762 million ($7.69/share) in the previous year.
Net earnings for the full year in 2008 were $3,134 million ($6.47/share), up 15% compared with $2,733 million ($5.59/share) in 2007.
"Petro-Canada had exceptional financial results in 2008, leaving us in excellent shape going into 2009," said Ron Brenneman, president and chief executive officer."
Our production came in at the high-end of our guidance range, largely due to strong reliability at most of our major facilities," added Brenneman. "For 2009, we've already reduced capital spending in the first quarter from what we anticipated in mid-December. This combined with OPEC quota reductions in Libya have led us to trim our 2009 production guidance somewhat."
The Company is in a strong liquidity position with a year-end cash balance of $1.4 billion and unutilized credit facility capacity of $4.7 billion. Both debt ratios that Petro-Canada uses to measure overall financial strength are well below the Company's target ranges.
"We're actively managing our spending and have both the financial strength and flexibility for these challenging times," said Harry Roberts, executive vice-president and chief financial officer. "This approach preserves our current growth projects and may allow us to access additional opportunities."
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