Petro-Canada net slides

Allen Baker

Slumping prices and production brought Petro-Canada profits down 35 percent in the third quarter to $149 million (Canadian) from C$229 million in the third quarter of 2000.

Overall production totaled 190,800 barrels of oil equivalent, a decline of 6 percent from the 203,000 barrels daily in the period a year earlier. Upstream profits slid by a third to C$125 million from C$185 million. Total refined sales were virtually unchanged from a year earlier, but margins slid, bringing profits down a third to C$50 million from C$74 million.

Revenues were C$2.07 billion, down from C$2.43 billion a year earlier. Upstream revenues dropped to C$415 from C$521 million in the 2000 quarter, including sales to downstream segments of the company. Downstream revenues were C$1.84 billion for the quarter, down from C$2.06 billion a year earlier.