Suncor profit drops on lower oil sands production
Thu Jul 26, 6:54 AM
ca.news.finance.yahoo.com
TORONTO (Reuters) - Suncor Energy Inc. said on Thursday that second-quarter profit dropped 47 percent, partly because of lower oil sands production and higher operating expenses.
Suncor, which runs the country's second-largest oil sands operation, earned C$641 million ($615.4 million), or C$1.39 a share, compared with a year-earlier C$1.22 billion, or C$2.65 a share.
Petro-Canada reports record net earnings during second quarter
Thu Jul 26, 6:40 AM
ca.news.finance.yahoo.com
CALGARY (CP) - Petro-Canada (TSX: PCA.TO) said Thursday it widened its profits significantly during this year's second quarter.
The Calgary-based company said it netted C$845 million during the three months ended June 30, compared to $472 million during the same period a year ago.
Cash flow for the quarter was $1.35 billion, up from $754 million during the second quarter of 2006.
"Our record quarter was due to a strong integrated portfolio, solid operations and a robust business environment," said Ron Brenneman, Petro-Canada's president and CEO.
The company said it produced an average of 425,000 barrels of oil equivalent per day during this year's second quarter, up significantly from 2006's 326,000. |
