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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (10111)	1/29/2004 2:21:58 PM
From: SofaSpud	Read Replies (1) of 24921

PetroCan's getting spanked big time -- off $8 -- guess the market doesn't buy Brenneman's spin: Petro-Canada Achieves Major Strategic Milestones in a Banner Year Highlights - Earnings from operations of $1.4 billion in 2003 - Integrated oil sands strategy confirmed - Strengthened balance sheet provides opportunity to pursue new growth CALGARY, Jan. 29 /CNW/ - Petro-Canada announced today fourth quarter earnings from operations of $152 million ($0.57 per share), which include after-tax charges to earnings of $82 million ($0.31 per share) relating to the original refinery conversion plan at Edmonton and $51 million ($0.19 per share) for the increase in Ontario tax rates. Excluding the above noted items, earnings from operations were $285 million ($1.07 per share) compared with $370 million ($1.40 per share) on the same basis for the fourth quarter of 2002. Earnings from operations do not include gains or losses on foreign currency translation and on disposal of assets. Fourth quarter 2003 cash flow was $628 million ($2.37 per share), down from $807 million ($3.06 per share) in the fourth quarter of last year. Cash flow is before changes in non-cash working capital. Fourth quarter net earnings in 2003, including gains or losses on foreign currency translation and on disposal of assets, were $200 million ($0.75 per share) compared with $356 million ($1.35 per share) in the same period of 2002. Earnings from operations in 2003 were $1 401 million ($5.29 per share) compared with $1 024 million ($3.90 per share) in the same period of 2002. Net earnings in 2003, including gains or losses on foreign currency translation and on disposal of assets, were $1 669 million ($6.30 per share) compared with $974 million ($3.71 per share) in the same period of 2002. Cash flow in 2003 was $3 372 million ($12.73 per share) compared with $2 276 million ($8.66 per share) in 2002. "Strong operating results and a robust business environment enabled Petro-Canada to deliver a banner year in 2003," said Chief Executive Officer Ron Brenneman. "I am particularly pleased with the progress we made in executing our plans. We confirmed and advanced our integrated oil sands strategy, we announced the planned consolidation of our Eastern Canada refinery operations and made significant strides internationally." Commenting on the Company's future position, Brenneman added, "We are confident that our diverse asset base will continue to deliver strong results. Solid cash flow will fund our capital investments in 2004 and with our balance sheet strengthened we are in excellent shape to pursue additional growth opportunities."

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