Dow Jones Business News
Petro-Canada 4th-Quarter Net Fell 44%
Thursday January 29, 8:06 am ET
CALGARY (Dow Jones)--A variety of factors sent Petro-Canada's (NYSE:PCZ - News) fourth- quarter earnings down about 44%.
In a press release, the company said the earnings decline reflects lower Canadian-dollar-denominated refinery cracking margins and crude oil prices, higher operating expenses in Oil Sands related to an unplanned shutdown at Syncrude and one-time charges in its International and Downstream operations.
Net income fell to C$200 millon or 75 Canadian cents a share from C$356 million or C$1.34 a year earlier. Earnings from operations were C$152 million or 57 Canadian cents. Excluding all items, earnings were C$285 million or C$1.07 versus C$370 million or C$1.40.
Revenues were down 2.5% to C$2.93 billion from C$3.01 billion.
Petro-Canada is an oil and gas producer, refiner and marketer.
Petro-Canada - Calgary
4th Quar Dec. 31:
All figures in Canadian dollars
2003 2002
Revenues C$2,929,000,000 C$3,005,000,000
Net income 200,000,000 356,000,000
Cash flow 628,000,000 807,000,000
Shr earns
Net income .75 1.34
Cash flow 2.37 3.06
Year:
Revenues 12,221,000,000 9,917,000,000
Net income 1,669,000,000 974,000,000
Cash flow 3,372,000,000 2,276,000,000
Shr earns
Net income 6.30 3.71
Cash flow 12.73 8.66
Basic share earnings were C$1.35 a share in the year-earlier fourth quarter.
-John Moritsugu, Dow Jones Newswires; 416-306-2100
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