PetroCan Reports Profit Increase

Friday, July 28, 2006
Petro-Canada reported a 37 percent gain in second-quarter profit on July 27 but cut production forecasts due partly to an outage at its Terra Nova offshore oil field. The company said net earnings for the quarter were $418m, or $0.82 a share, up from a year-earlier $305m, or $0.58 a share. Petro-Canada's net profit includes a $112m future income tax recovery because of lower federal and provincial corporate income tax rates in Canada and a $62m current income tax charge due to retroactive tax legislation in Quebec. Second-quarter earnings from continuing operations adjusted for one-time items were $419m, or $0.83 per share, down 5.4 percent from $443m, or $0.84 per share, in the year-ago quarter. The company said its quarterly profit was hampered by the unexpected outage last May at Terra Nova, which it expects to restart by the fourth quarter. Now Petro-Canada expects full-year upstream production from continuing operations to be in a range of 345,000 to 360,000 barrels of oil equivalent per day, down from a previous range of 365,000 to 390,000 barrels of oil equivalent per day. Cash flow fell 13 percent to $667m, or $1.31 a share, from $769m or $1.47 a share. (Source: Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Marshalls Ordered to Seize Kurdish Oil Cargo off Texas

Acting on a request from the central government in Iraq, a U.S. judge has signed an order telling the U.S. Marshals Service to seize a cargo of oil from Iraqi Kurdistan

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

Tanker Trends

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

Marseilles Fos Reports Mixed First Half

First-half container traffic at leading French port Marseilles Fos totalled 583,287 teu – up 7% on the first six months last year - marked by a 10% increase at the deepsea Fos terminals.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1244 sec (8 req/sec)