NORTH AMERICA: PetroCanada in record profits

Petro-Canada said Thursday it widened its profits significantly during this year's second quarter.

The Calgary-based company said it netted $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.


Via: TheStar