Petrocan, Imperial see profit drop

Article Abstract:

Petro-Canada Inc of Calgary, Alberta, posted earnings of C$95 million, or 35 cents a share, on revenue of C$830 million in 1998, down by 68% and 34%, respectively, from record profits of C$306 million on C$1.26 billion in 1998. Imperial Oil Ltd of Toronto, Ontario, posted profits of C$554 million, or C$1.25 per share, down by 35% from C$847 million, or C$1.83 per share, in 1997. The companies said that the decline in profits was caused by weak crude oil prices.

Sales, profits & dividends

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Petrocan halts expansion

Article Abstract:

Ron Brenneman, the chief executive officer at Petro-Canada, has announced the petroleum company has incurred $2.8 billion in cost overruns on its oil sands project. Petro-Canada, which is seeking opportunities for global expansion, has attempted to comply with the Kyoto Protocol.

Financial management, Crude petroleum and natural gas, Finance, Company financing, Oil sands

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