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To: Johnny Canuck who wrote (43452)	7/27/2006 11:46:37 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71000

Petro-Canada cuts production outlook after Q2 profit rises 37% to $472M 07:26:47 EDT Jul 27, 2006 CALGARY (CP) - Petro-Canada (TSX:PCA) is reducing its full-year production outlook after second-quarter profit rose 37 per cent to $472 million, from a year-earlier $345 million, amid one-time tax gains. "Full-year upstream production from continuing operations is now expected to be in the (range of) 345,000 to 360,000 barrels of oil equivalent per day in 2006, down from the 365,000 boe/d to 390,000 boe/d production outlook previously provided," the Calgary-based company said Thursday. The decrease was mainly blamed on a mechanical failure at the Terra Nova offshore project and power supply problems and drilling delays in Libya. "Terra Nova's unexpected outage impacted quarterly results and our annual production forecast, but we expect strong upstream production growth by year-end," CEO Ron Brenneman said in a release. "This quarter we also completed our refinery and lubricants plant turnarounds so that our downstream facilities are back to running at full capacity." Second-quarter cash flow from continuing operations dropped to $754 million from $869 million. But Brenneman said strong crude-oil prices and refining margins contributed to "a solid quarter financially." Earnings for the quarter ended June 30 amounted to 93 cents a share, compared with 66 cents per share a year ago. Analysts' consensus forecast was for earnings of $1.03 a share, before one-time items, according to Thomson Financial. Net earnings included a $127-million future income tax recovery due to lower federal and provincial corporate income tax rates in Canada and a $70-million current income tax charge due to the Quebec government enacting retroactive tax legislation.