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Higher oil and natural gas prices led Petro-Canada to a more than 80 per cent boost in first-quarter profit.
The
Calgary-based firm made nearly $1.1 billion, or $2.22 a share, compared
with $590 million, or $1.19 per share, one year ago.
And operating profit, which excludes one-time items, rose to almost
$900 million, or $1.86 a share, versus $580 million, or $1.17 a share,
last year. Analysts polled by Reuters were calling for profit of $1.35.
Meanwhile, cash flow from operations – a key measure of an oil
firm’s ability to fund projects – rose to $1.85 billion, or $3.83 a
share, up from $1.17 billion, or $2.35 a share, last year.
Petro-Can said it also benefited from the settlement of its Buzzard
derivative contracts in the fourth quarter. But it saw losses on
foreign currency translation of long-term debt, and lower gains on
assets sales.
Production in the quarter rose more than five per cent to an average of 427,000 barrels of oil equivalent a day.
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