Petro-Canada profit surges 77% to $1.5B in 'strong quarter'

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Wednesday, August 27, 2008 11:59:30 PM

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Petro-Canada profit surges 77% to $1.5B in 'strong quarter' Friday, July 25, 2008
The Canadian Press -- CALGARY — The big recent runup in oil prices helped Petro-Canada's (TSX:PCA) second-quarter earnings surge 77 per cent over a year ago, but the integrated oil company saw earnings at its refining business evaporate despite record gas prices at the pump. The Calgary-based company reported Thursday its April-June net income was just under $1.5 billion, worth $3.10 per share, up from $847 million or $1.71 per share in the year-earlier period. Operating profit increased 43 per cent to $1.15 billion in what CEO Ron Brenneman described as "another strong quarter, both operationally and financially."
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JT Moderator	Message Posted: 7/25/2008 9:39:41 AM	Ignore JT Report Abuse
	Friday, July 25, 2008 The Canadian Press -- CALGARY — The big recent runup in oil prices helped Petro-Canada's (TSX:PCA) second-quarter earnings surge 77 per cent over a year ago, but the integrated oil company saw earnings at its refining business evaporate despite record gas prices at the pump. The Calgary-based company reported Thursday its April-June net income was just under $1.5 billion, worth $3.10 per share, up from $847 million or $1.71 per share in the year-earlier period. Operating profit increased 43 per cent to $1.15 billion in what CEO Ron Brenneman described as "another strong quarter, both operationally and financially." Visit The Canadian Press for full article

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rtw777 Veteran Author Florida Posts:431 Points:132,710 Joined:Jan 2008	Message Posted: 7/26/2008 7:03:26 AM	Ignore rtw777 Report Abuse
	I wonder if the Canadian government will hold hearings and call the company to answer for their profits.
bbreff Champion Author Atlanta Posts:1,655 Points:942,840 Joined:Jun 2005	Message Posted: 7/26/2008 6:54:56 AM	Ignore bbreff Report Abuse
	Sound just like some oil companies in the US.
org_elizard Champion Author Greensboro Posts:75,319 Points:1,074,675 Joined:Apr 2005	Message Posted: 7/26/2008 6:49:16 AM	Ignore org_elizard Report Abuse
	Humm
brutus Champion Author Alberta Posts:1,332 Points:853,105 Joined:Feb 2003	Message Posted: 7/26/2008 6:45:27 AM	Ignore brutus Report Abuse
	Raise the prices more, go for 2 Billion profit! Only two words for this. "HIGHWAY ROBBERY".
LeeFree All-Star Author Detroit Posts:865 Points:586,650 Joined:Jun 2005	Message Posted: 7/26/2008 6:44:32 AM	Ignore LeeFree Report Abuse
	Just like the US oil companies.
Outie All-Star Author New Brunswick Posts:753 Points:454,125 Joined:Oct 2005	Message Posted: 7/26/2008 6:42:22 AM	Ignore Outie Report Abuse
	That means about 77% less money left over for me each month.
TeachR06 All-Star Author Raleigh Posts:619 Points:402,055 Joined:Sep 2006	Message Posted: 7/26/2008 6:42:00 AM	Ignore TeachR06 Report Abuse
	Gee, I never would have thought that oil companies would make a profit in this economy.......and pigs fly.
MiJeff Champion Author Grand Rapids Posts:3,095 Points:771,250 Joined:May 2005	Message Posted: 7/26/2008 6:40:56 AM	Ignore MiJeff Report Abuse
	no surprise here
TheThing All-Star Author Quebec Posts:545 Points:148,725 Joined:Mar 2008	Message Posted: 7/26/2008 6:40:29 AM	Ignore TheThing Report Abuse
	Greed...
tarbaby1 Champion Author Twin Cities Posts:1,718 Points:673,645 Joined:Oct 2005	Message Posted: 7/26/2008 6:36:54 AM	Ignore tarbaby1 Report Abuse
	Operating profit is up 43% - sounds pretty good to me!!!
Metroman Champion Author Philadelphia Posts:4,945 Points:974,600 Joined:Aug 2003	Message Posted: 7/26/2008 6:35:41 AM	Ignore Metroman Report Abuse
	imagine that
tizbowwow Veteran Author Illinois Posts:490 Points:92,410 Joined:May 2008	Message Posted: 7/26/2008 6:35:13 AM	Ignore tizbowwow Report Abuse
	NOT ok. Their greed sucks.
WonderfulMI All-Star Author Michigan Posts:988 Points:79,070 Joined:Jun 2008	Message Posted: 7/26/2008 6:32:05 AM	Ignore WonderfulMI Report Abuse
	This is free enterprise at its best. Now, if we just had an import duty on all this foreign oil to keep cheap oil out and some protectionism for the profits of our domestic oil industry, things would be better yet, right? We certainly would not want to have the USA flooded with cheap foreign oil, right?
Austin1850 All-Star Author Austin Posts:968 Points:70,560 Joined:May 2008	Message Posted: 7/26/2008 6:31:38 AM	Ignore Austin1850 Report Abuse
	We are paying through the nose and the oil companies are showing record profits. Where is the logic in this?
Hawkeyejd Sophomore Author Ontario Posts:246 Points:232,550 Joined:Sep 2006	Message Posted: 7/26/2008 6:30:55 AM	Ignore Hawkeyejd Report Abuse
	OK
cardjcsk All-Star Author Toronto Posts:821 Points:384,490 Joined:Feb 2007	Message Posted: 7/26/2008 6:27:28 AM	Ignore cardjcsk Report Abuse
	same old same old
olcowboy14 Champion Author Spokane Posts:1,035 Points:216,945 Joined:Jul 2007	Message Posted: 7/26/2008 6:25:51 AM	Ignore olcowboy14 Report Abuse
	Same as here. Buy oil stock, but be careful, I think it will be dropping.
WWWCW Champion Author Riverside Posts:3,102 Points:599,935 Joined:Apr 2006	Message Posted: 7/26/2008 6:24:21 AM	Ignore WWWCW Report Abuse
	And who is complaint the high fuel prices?
MedicKirk1 Rookie Author New Hampshire Posts:85 Points:66,795 Joined:May 2008	Message Posted: 7/26/2008 6:19:57 AM	Ignore MedicKirk1 Report Abuse
	Increasing gas companys' wallets. Use GasBuddy dot come & keep those profit margins in check through competition.
RLH68 Champion Author Orlando Posts:1,566 Points:328,150 Joined:Jun 2007	Message Posted: 7/26/2008 6:19:14 AM	Ignore RLH68 Report Abuse
	Just goes too show, these high gas prices can't be justified. The rich get richer, we peons go broke.
winggnutt Champion Author Detroit Posts:4,330 Points:1,023,930 Joined:Aug 2005	Message Posted: 7/26/2008 6:10:35 AM	Ignore winggnutt Report Abuse
	simple greed!
weenerdog Champion Author Detroit Posts:1,193 Points:218,685 Joined:Jan 2008	Message Posted: 7/26/2008 6:06:27 AM	Ignore weenerdog Report Abuse
	Too funny, MightyDude! Yes, I'm sure the CEO and executives will get a huge bonus. How ironic.
MightyDude Champion Author Minnesota Posts:1,596 Points:949,070 Joined:Mar 2003	Message Posted: 7/26/2008 6:02:35 AM	Ignore MightyDude Report Abuse
	Soooo exciting, better give the CEO a HUGE BONUS!
my4kids Champion Author Ontario Posts:12,200 Points:1,047,000 Joined:Aug 2005	Message Posted: 7/26/2008 5:59:05 AM	Ignore my4kids Report Abuse
	So thats where my money is.... its always nice to find the people who are responsible for ROBBING you!!!!
racerdj Champion Author Indianapolis Posts:1,202 Points:348,110 Joined:Jun 2003	Message Posted: 7/26/2008 5:56:52 AM	Ignore racerdj Report Abuse
	Good for the stockholders.
lpj Champion Author Georgia Posts:3,560 Points:796,515 Joined:Apr 2006	Message Posted: 7/26/2008 5:52:04 AM	Ignore lpj Report Abuse
	just keep the gas flowing to the us !!
DebRist Veteran Author Akron Posts:337 Points:75,390 Joined:Nov 2004	Message Posted: 7/26/2008 5:51:08 AM	Ignore DebRist Report Abuse
	Don't you love their record profits while we can't even afford to drive to or buy at the grocery store?
HDUltra03 Champion Author Oregon Posts:6,480 Points:986,400 Joined:Nov 2005	Message Posted: 7/26/2008 5:26:52 AM	Ignore HDUltra03 Report Abuse
	BUT its not the oil companies! SO they tell us.....
meteorologist Champion Author Knoxville Posts:4,363 Points:1,063,200 Joined:May 2005	Message Posted: 7/26/2008 5:26:32 AM	Ignore meteorologist Report Abuse
	Its the oil producers that are making the real money.
DirtDigger1 Champion Author Buffalo Posts:1,405 Points:335,445 Joined:Jun 2007	Message Posted: 7/26/2008 5:23:23 AM	Ignore DirtDigger1 Report Abuse
	Making a profit is fine, ripping us off is not.
AuburnTim All-Star Author Indiana Posts:969 Points:291,840 Joined:May 2005	Message Posted: 7/26/2008 5:07:42 AM	Ignore AuburnTim Report Abuse
	and thats not a crime?
ED6 Champion Author Riverside Posts:1,607 Points:311,595 Joined:Jul 2007	Message Posted: 7/26/2008 5:07:03 AM	Ignore ED6 Report Abuse
	And yet the consumer in Canada are suffering. There's something wrong in that picture.
Gellin Champion Author Michigan Posts:1,043 Points:1,039,815 Joined:Apr 2005	Message Posted: 7/26/2008 5:01:51 AM	Ignore Gellin Report Abuse
	They're all a bunch of thieves.
RocketGeek Champion Author Grand Rapids Posts:1,773 Points:405,780 Joined:May 2005	Message Posted: 7/26/2008 4:59:17 AM	Ignore RocketGeek Report Abuse
	Gee, I wonder how that could happen?
krell58 Champion Author Missouri Posts:4,027 Points:804,180 Joined:Apr 2006	Message Posted: 7/26/2008 4:47:39 AM	Ignore krell58 Report Abuse
	Watch the Energy Non Crisis. http://tinyurl.com/33l95c
Sigmundson All-Star Author Oakland Posts:741 Points:155,160 Joined:Apr 2005	Message Posted: 7/26/2008 4:45:46 AM	Ignore Sigmundson Report Abuse
	Strong quarter? lol that's putting it lightly
fulldawg Champion Author Georgia Posts:5,557 Points:805,385 Joined:Jun 2004	Message Posted: 7/26/2008 4:44:22 AM	Ignore fulldawg Report Abuse
	In the US they Public Held companies have to report profits and losses along with many other things. It is required by the SEC
llamalover Sophomore Author Oregon Posts:134 Points:37,440 Joined:Jun 2008	Message Posted: 7/26/2008 4:40:26 AM	Ignore llamalover Report Abuse
	I can't believe any oil company would have the audacity to report in public how much they have made off the people, especially when it's so much. When does this become price gouging?
Petrock Champion Author Lexington Posts:1,024 Points:929,030 Joined:Apr 2005	Message Posted: 7/26/2008 4:40:02 AM	Ignore Petrock Report Abuse
	One and a half Billion dollars of profit a quarter! That's $200 per second in PROFIT. Which seconds are you pouring your money into their profit till?
Mr.Chips Champion Author Toledo Posts:1,617 Points:586,355 Joined:Mar 2004	Message Posted: 7/26/2008 4:34:26 AM	Ignore Mr.Chips Report Abuse
	That's where my money is
Glasman Champion Author South Carolina Posts:4,669 Points:600,950 Joined:Nov 2006	Message Posted: 7/26/2008 4:30:00 AM	Ignore Glasman Report Abuse
	do people in canada get a vote?
BostonBeck Rookie Author Tampa Posts:6 Points:1,615 Joined:Jul 2008	Message Posted: 7/26/2008 4:28:15 AM	Ignore BostonBeck Report Abuse
	I say hang them all
CaptRJO Sophomore Author Texas Posts:107 Points:5,965 Joined:Apr 2008	Message Posted: 7/26/2008 4:25:48 AM	Ignore CaptRJO Report Abuse
	I agree with UncleBub. Use the ballot box while you still can.
UncleBub Champion Author Dayton Posts:1,424 Points:251,995 Joined:Dec 2007	Message Posted: 7/26/2008 4:23:23 AM	Ignore UncleBub Report Abuse
	So here comes the first of the rip off reports! Its time to take back control of this now! Vote out con gress we cant continue to go through this blood sucking! vote them out! [Edited by: UncleBub at 7/26/2008 5:26:01 AM EST]
windowdude49301 All-Star Author Grand Rapids Posts:882 Points:267,425 Joined:Jan 2007	Message Posted: 7/26/2008 4:15:24 AM	Ignore windowdude49301 Report Abuse
	its the metric system...
rjn5851 Champion Author Florida Posts:6,025 Points:1,299,185 Joined:Jun 2004	Message Posted: 7/26/2008 3:56:38 AM	Ignore rjn5851 Report Abuse
	bring prices down................
fratt Champion Author Grand Rapids Posts:1,222 Points:940,850 Joined:Jul 2005	Message Posted: 7/26/2008 3:39:53 AM	Ignore fratt Report Abuse
	That's way to much, GRRED!!!
Byrde Champion Author Ontario Posts:6,135 Points:974,320 Joined:Aug 2005	Message Posted: 7/26/2008 3:30:10 AM	Ignore Byrde Report Abuse
	They are rotten swine!!
pkhdonovan Champion Author Maine Posts:4,070 Points:1,013,645 Joined:Sep 2005	Message Posted: 7/26/2008 3:18:30 AM	Ignore pkhdonovan Report Abuse
	77% profit is sick