PetroCanada Profit Rise Reflects High Oil Prices
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Friday, 25 July 2008 |
Second-quarter earnings for the Canadian oil and gas company Petro-Canada surged 77 percent higher from a year ago.
The integrated oil company reported that its April-June net income was just under $1.5 billion Canadian dollars ($1.49 billion), or C$3.10 ($3.07) per share, up from C$845 million ($838 million) or C$1.71 ($1.69) per share in the year-earlier period.
Gains were partially offset by lower petroleum downstream margins $217 million and higher operating costs.
The Downstream is expected to commence its planned two-month turnaround in August to tie-in the Edmonton refinery conversion project and to complete maintenance on other units within the refinery.
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