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

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Sunday, September 07, 2008 8:39:51 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 All-Star Author Florida Posts:540 Points:143,635 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:1,710 Points:953,765 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:76,276 Points:1,085,600 Joined:Apr 2005	Message Posted: 7/26/2008 6:49:16 AM	Ignore org_elizard Report Abuse
	Humm
brutus Champion Author Alberta Posts:1,387 Points:864,030 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:920 Points:597,575 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:808 Points:465,050 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:674 Points:412,980 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:3,145 Points:781,200 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:595 Points:158,400 Joined:Mar 2008	Message Posted: 7/26/2008 6:40:29 AM	Ignore TheThing Report Abuse
	Greed...
tarbaby1 Champion Author Twin Cities Posts:1,773 Points:684,420 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:5,000 Points:985,425 Joined:Aug 2003	Message Posted: 7/26/2008 6:35:41 AM	Ignore Metroman Report Abuse
	imagine that
tizbowwow All-Star Author Illinois Posts:545 Points:103,335 Joined:May 2008	Message Posted: 7/26/2008 6:35:13 AM	Ignore tizbowwow Report Abuse
	NOT ok. Their greed sucks.
WonderfulMI Champion Author Michigan Posts:1,099 Points:89,770 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 Champion Author Austin Posts:1,183 Points:79,235 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 Veteran Author Ontario Posts:304 Points:243,475 Joined:Sep 2006	Message Posted: 7/26/2008 6:30:55 AM	Ignore Hawkeyejd Report Abuse
	OK
cardjcsk All-Star Author Toronto Posts:858 Points:393,830 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:1,090 Points:224,600 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 Sophomore Author New Hampshire Posts:101 Points:75,465 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:1,616 Points:338,850 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:4,385 Points:1,034,855 Joined:Aug 2005	Message Posted: 7/26/2008 6:10:35 AM	Ignore winggnutt Report Abuse
	simple greed!
weenerdog Champion Author Detroit Posts:1,254 Points:229,610 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:1,652 Points:959,995 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:12,258 Points:1,057,925 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:1,258 Points:359,035 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:3,615 Points:807,440 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:6,535 Points:997,325 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:4,418 Points:1,074,125 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:1,460 Points:346,370 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 Champion Author Indiana Posts:1,015 Points:300,815 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:1,665 Points:322,520 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:1,098 Points:1,050,740 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:1,831 Points:416,705 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:4,078 Points:814,130 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:786 Points:164,035 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:5,610 Points:812,370 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:153 Points:43,420 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:1,079 Points:939,955 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:1,672 Points:597,280 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:4,739 Points:611,875 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:112 Points:6,290 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:1,480 Points:262,920 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:902 Points:273,775 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:6,070 Points:1,308,160 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:1,278 Points:951,475 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:6,198 Points:985,095 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:4,125 Points:1,024,570 Joined:Sep 2005	Message Posted: 7/26/2008 3:18:30 AM	Ignore pkhdonovan Report Abuse
	77% profit is sick