Attention Business/Financial Editors:
CALGARY, Jan. 24 /CNW/ – Shell Canada Limited announces annual earnings
of $1,738 million or $2.11 per common share in 2006 compared with
$2,001 million or $2.43 per common share in 2005(1). The decrease was largely
due to the first major scheduled turnaround of the Athabasca Oil Sands
Project, together with lower natural gas prices.
Fourth-quarter earnings were $223 million compared with $611 million for
the same period in 2005(1). The decrease was mainly due to lower commodity
prices and a charge for the Long Term Incentive Plan.
Cash flow from operations was $2,614 million in 2006, down $422 million
from 2005(1), due to the same factors that impacted full year earnings.
Capital and predevelopment expenditures amounted to $2,426 million in
2006, excluding the acquisition of BlackRock Ventures Inc. (BlackRock),
compared with $1,715 million in 2005. The difference was due to increased
investment in growth activities in unconventional oil and gas.
“Strong production from our oil sands operations following the scheduled
turnarounds, and record earnings in Oil Products, underpinned our 2006
results,” said Clive Mather, President and Chief Executive Officer, Shell
Canada Limited. “Expansions of our mining, in situ and unconventional gas
businesses are now all in full swing. With the acquisition of BlackRock and
other strategic land positions, we have built a strong platform for future
growth.” read more
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