Business
Shell Canada Announces Quarterly Earnings
Shell Canada Announces Quarterly Earnings.
About this update from Mapath Capital Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, Oct. 25 /CNW/ - Shell Canada Limited announces earnings of\n$581 million or $0.70 per common share in the third quarter of 2006 compared\nwith $457 million or $0.55 per common share for the corresponding period in\n2005. Higher crude oil prices and refining margins were offset by lower\nnatural gas prices. The impact of the Company's Long Term Incentive Plan\nresulted in a $102 million increase to third-quarter 2006 earnings compared\nwith an $83 million charge for the corresponding quarter in 2005. Earnings for\nthe first nine months of 2006 were $1,503 million compared with $1,400 million\nfor the same period in 2005.\nCash flow from operations was $906 million for the quarter and\n$2,155 million for the first nine months of 2006, up $220 million and\n$29 million respectively from the same periods in 2005.\nCapital and predevelopment expenditures amounted to $592 million in the\nthird quarter and $1,488 million for the first nine months of 2006, excluding\nthe BlackRock acquisition, compared with $410 million and $1,006 million\nrespectively for 2005.\n\"Strong earnings reflect our drive for operational performance in an\nenvironment of falling commodity prices,\" said Clive Mather, President and\nChief Executive Officer, Shell Canada Limited. \"Production at the Athabasca\nOil Sands Project is back above design rates following its first major\nturnaround in the second quarter. While we focus on operational excellence at\nour existing operations, we continue to lay the foundation for growth in our\nOil Sands and unconventional gas businesses. In addition, the Company launched\na new venture in the road transport sector, which further strengthens our Oil\nProducts business.\"\n\n>\n\nTotal Company\n\nShell Canada Limited earnings for the third quarter of 2006 were\n$581 million, up from $457 million for the corresponding quarter of 2005.\nHigher crude oil prices and refining light oil margins were offset by lower\nnatural gas prices. The impact of the Company's Long Term Incentive Plan\n(LTIP) resulted in a $102 million increase to third-quarter 2006 earnings\ncompared with an $83 million charge for the corresponding quarter in 2005.\nPrior year results included benefits totalling $41 million related to tax\nadjustments. Total hydrocarbon production for the quarter was 234,000 barrels\nof oil equivalent per d...