EARNINGS - TOP 21 LISTED / Petro-Canada Annual Results (Part II)
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(unaudited, millions of Canadian dollars)
FOURTH QUARTER FULL YEAR
1997 1996 1997 1996
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Retained earnings (deficit)
at beginning of period 83 (175) (88) (282)
Net earnings 78 101 306 247
Dividends on common and
variable voting shares (22) (14) (79) (53)
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Retained earnings (deficit)
at end of period 139 (88) 139 (88)
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SHARE INFORMATION
(unaudited, stated in Canadian dollars)
FOURTH QUARTER FULL YEAR
1997 1996 1997 1996
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Average shares outstanding
(millions) 270.9 270.7 270.9 262.3
Net earnings per share 0.29 0.38 1.13 0.94
Cash flow per share 1.13 1.00 4.66 3.29
Dividends per share 0.08 0.05 0.26 0.20
Share Price(a) - High 29.85 20.60 29.85 20.60
- Low 23.90 16.90 18.90 15 5/8
- Close at
December 31 26.00 19.35 26.00 19.35
Shares traded(b) (millions) 68.4 47.9 271.1 112.7
(a) Share prices are for trading on the Toronto Stock Exchange.
(b) Total shares traded on the Toronto, Montreal, New York, Vancouver and
Alberta stock exchanges.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
(unaudited, millions of Canadian dollars)
FOURTH QUARTER FULL YEAR
1997 1996 1997 1996
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Operating activities
Net earnings 78 101 306 247
Items not affecting cash flow 205 149 882 556
Exploration expenses 25 20 75 60
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Cash flow 308 270 1 263 863
Decrease (increase) in operating
working capital and other 92 131 (167) 59
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Cash flow from operating
activities 400 401 1 096 922
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Investing activities
Expenditures on property, plant
and equipment and exploration (337) (348) (1 049) (959)
Proceeds from sale of property,
plant and equipment 30 51 201 92
Increase in deferred charges
and other assets, net (17) (1) (15) (9)
Acquisition of Amerada
Hess Canada Ltd. - - - (735)
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(324) (298) (863) (1 611)
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Financing activities and dividends
Reduction of long-term debt (3) (1) (114) (2)
Dividends on common and variable
voting shares (22) (14) (79) (53)
Proceeds from issue of common
and variable voting shares - 2 3 406
Decrease in notes payable
- Hibernia - (65) - (50)
Proceeds from issue of
long-term debt - - - 377
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(25) (78) (190) 678
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Increase (decrease) in cash
and short-term investments 51 25 43 (11)
Cash and short-term investments
at beginning of period 24 7 32 43
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Cash and short-term investments
at end of period 75 32 75 32
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CONSOLIDATED BALANCE SHEET
(unaudited, millions of Canadian dollars)
DECEMBER 31, DECEMBER 31,
1997 1996
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Assets
Current assets
Cash and short-term investments 75 32
Other current assets 1 502 1 443
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1 577 1 475
Property, plant and equipment, net 6 441 6 014
Deferred charges and other assets 320 280
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8 338 7 769
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Liabilities and shareholders' equity
Current liabilities
Other current liabilities 1 189 1 254
Current portion of long-term debt 3 109
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1 192 1 363
Notes payable - Hibernia 250 250
Long-term debt 1 488 1 350
Deferred credits and other liabilities 321 321
Deferred income taxes 1 165 793
Shareholders' equity 3 922 3 692
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8 338 7 769
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