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)

People & Company News

MN100: R.W. Fernstrum & Company

The Company: R.W. Fernstrum & Company set the standard in marine heat exchangers over 65 years ago, building a reputation focused on innovation. Today, its commitment is to continual improvement,

MN100: McDonough Marine Service

The Company: Bernard P. McDonough created the company in 1945 by leasing barges from his construction company into the marketplace. Through a series of new and used barge additions,

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

Tanker Trends

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair
rss | archive | history | articles | privacy | 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: 0.0876 sec (11 req/sec)