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

Not logged in [Log In] [Sign Up] [Points Leaders] [My Profile]

Tuesday, October 07, 2008 1:49:23 PM

Featured Sponsor

Save 5% on gas All gas purchases get a 5% rebate with the Discover Card* Click here for more info


Add gas prices to your web site. Click here to find out how!

GasBuddy News Article

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."
Visit The Canadian Press for full article

Message Forum - Read Message

Category: Daily News Article Discussions > Topics		Add to favorite topics Post New Topic
Rate this topic: Low 1 - 2 - 3 - 4 - 5 High Avg rating: 0.0 (0 votes)

Author	Topic: Petro-Canada profit surges 77% to $1.5B in 'strong quarter'	Post a Reply Back to Topics

JT Moderator	Message Posted: 7/25/2008 10:39:41 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

REPLIES (newest first)

First

Next Last

rtw777 All-Star Author Florida Posts:753 Points:173,025 Joined:Jan 2008	Message Posted: 7/26/2008 8:03:26 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:1,850 Points:981,915 Joined:Jun 2005	Message Posted: 7/26/2008 7:54:56 AM	Ignore bbreff Report Abuse
	Sound just like some oil companies in the US.
org_elizard Champion Author Greensboro Posts:79,106 Points:1,115,025 Joined:Apr 2005	Message Posted: 7/26/2008 7:49:16 AM	Ignore org_elizard Report Abuse
	Humm
brutus Champion Author Alberta Posts:1,537 Points:893,680 Joined:Feb 2003	Message Posted: 7/26/2008 7:45:27 AM	Ignore brutus Report Abuse
	Raise the prices more, go for 2 Billion profit! Only two words for this. "HIGHWAY ROBBERY".
LeeFree Champion Author Detroit Posts:1,065 Points:626,250 Joined:Jun 2005	Message Posted: 7/26/2008 7:44:32 AM	Ignore LeeFree Report Abuse
	Just like the US oil companies.
Outie All-Star Author New Brunswick Posts:959 Points:494,700 Joined:Oct 2005	Message Posted: 7/26/2008 7:42:22 AM	Ignore Outie Report Abuse
	That means about 77% less money left over for me each month.
TeachR06 All-Star Author Raleigh Posts:809 Points:440,455 Joined:Sep 2006	Message Posted: 7/26/2008 7:42:00 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:3,290 Points:809,875 Joined:May 2005	Message Posted: 7/26/2008 7:40:56 AM	Ignore MiJeff Report Abuse
	no surprise here
TheThing All-Star Author Quebec Posts:715 Points:180,700 Joined:Mar 2008	Message Posted: 7/26/2008 7:40:29 AM	Ignore TheThing Report Abuse
	Greed...
tarbaby1 Champion Author Twin Cities Posts:1,923 Points:713,320 Joined:Oct 2005	Message Posted: 7/26/2008 7:36:54 AM	Ignore tarbaby1 Report Abuse
	Operating profit is up 43% - sounds pretty good to me!!!
Metroman Champion Author Philadelphia Posts:5,150 Points:1,015,175 Joined:Aug 2003	Message Posted: 7/26/2008 7:35:41 AM	Ignore Metroman Report Abuse
	imagine that
tizbowwow All-Star Author Illinois Posts:695 Points:132,235 Joined:May 2008	Message Posted: 7/26/2008 7:35:13 AM	Ignore tizbowwow Report Abuse
	NOT ok. Their greed sucks.
WonderfulMI Champion Author Michigan Posts:1,320 Points:119,420 Joined:Jun 2008	Message Posted: 7/26/2008 7:32:05 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:1,553 Points:105,885 Joined:May 2008	Message Posted: 7/26/2008 7:31:38 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:462 Points:273,125 Joined:Sep 2006	Message Posted: 7/26/2008 7:30:55 AM	Ignore Hawkeyejd Report Abuse
	OK
cardjcsk All-Star Author Toronto Posts:933 Points:420,080 Joined:Feb 2007	Message Posted: 7/26/2008 7:27:28 AM	Ignore cardjcsk Report Abuse
	same old same old
olcowboy14 Champion Author Spokane Posts:1,233 Points:245,270 Joined:Jul 2007	Message Posted: 7/26/2008 7:25:51 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 7:24:21 AM	Ignore WWWCW Report Abuse
	And who is complaint the high fuel prices?
MedicKirk1 Sophomore Author New Hampshire Posts:142 Points:96,385 Joined:May 2008	Message Posted: 7/26/2008 7:19:57 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:1,766 Points:368,500 Joined:Jun 2007	Message Posted: 7/26/2008 7:19:14 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:4,535 Points:1,064,505 Joined:Aug 2005	Message Posted: 7/26/2008 7:10:35 AM	Ignore winggnutt Report Abuse
	simple greed!
weenerdog Champion Author Detroit Posts:1,411 Points:258,135 Joined:Jan 2008	Message Posted: 7/26/2008 7:06:27 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:1,805 Points:989,645 Joined:Mar 2003	Message Posted: 7/26/2008 7:02:35 AM	Ignore MightyDude Report Abuse
	Soooo exciting, better give the CEO a HUGE BONUS!
my4kids Champion Author Ontario Posts:12,413 Points:1,087,575 Joined:Aug 2005	Message Posted: 7/26/2008 6:59:05 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:1,408 Points:388,685 Joined:Jun 2003	Message Posted: 7/26/2008 6:56:52 AM	Ignore racerdj Report Abuse
	Good for the stockholders.
lpj Champion Author Georgia Posts:3,765 Points:836,340 Joined:Apr 2006	Message Posted: 7/26/2008 6:52:04 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 6:51:08 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:6,690 Points:1,026,975 Joined:Nov 2005	Message Posted: 7/26/2008 6:26:52 AM	Ignore HDUltra03 Report Abuse
	BUT its not the oil companies! SO they tell us.....
meteorologist Champion Author Knoxville Posts:4,568 Points:1,103,775 Joined:May 2005	Message Posted: 7/26/2008 6:26:32 AM	Ignore meteorologist Report Abuse
	Its the oil producers that are making the real money.
DirtDigger1 Champion Author Buffalo Posts:1,606 Points:375,045 Joined:Jun 2007	Message Posted: 7/26/2008 6:23:23 AM	Ignore DirtDigger1 Report Abuse
	Making a profit is fine, ripping us off is not.
AuburnTim Champion Author Indiana Posts:1,149 Points:329,020 Joined:May 2005	Message Posted: 7/26/2008 6:07:42 AM	Ignore AuburnTim Report Abuse
	and thats not a crime?
ED6 Champion Author Riverside Posts:1,810 Points:351,050 Joined:Jul 2007	Message Posted: 7/26/2008 6:07:03 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:1,250 Points:1,079,940 Joined:Apr 2005	Message Posted: 7/26/2008 6:01:51 AM	Ignore Gellin Report Abuse
	They're all a bunch of thieves.
RocketGeek Champion Author Grand Rapids Posts:1,989 Points:446,055 Joined:May 2005	Message Posted: 7/26/2008 5:59:17 AM	Ignore RocketGeek Report Abuse
	Gee, I wonder how that could happen?
krell58 Champion Author Missouri Posts:4,211 Points:839,880 Joined:Apr 2006	Message Posted: 7/26/2008 5:47:39 AM	Ignore krell58 Report Abuse
	Watch the Energy Non Crisis. http://tinyurl.com/33l95c
Sigmundson All-Star Author Oakland Posts:942 Points:188,760 Joined:Apr 2005	Message Posted: 7/26/2008 5:45:46 AM	Ignore Sigmundson Report Abuse
	Strong quarter? lol that's putting it lightly
fulldawg Champion Author Georgia Posts:5,755 Points:832,620 Joined:Jun 2004	Message Posted: 7/26/2008 5:44:22 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:218 Points:63,420 Joined:Jun 2008	Message Posted: 7/26/2008 5:40:26 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:1,229 Points:969,605 Joined:Apr 2005	Message Posted: 7/26/2008 5:40:02 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 Michigan Posts:1,824 Points:626,910 Joined:Mar 2004	Message Posted: 7/26/2008 5:34:26 AM	Ignore Mr.Chips Report Abuse
	That's where my money is
Glasman Champion Author South Carolina Posts:4,944 Points:641,525 Joined:Nov 2006	Message Posted: 7/26/2008 5:30:00 AM	Ignore Glasman Report Abuse
	do people in canada get a vote?
BostonBeck Rookie Author Florida Posts:6 Points:1,615 Joined:Jul 2008	Message Posted: 7/26/2008 5:28:15 AM	Ignore BostonBeck Report Abuse
	I say hang them all
CaptRJO Sophomore Author Texas Posts:117 Points:6,815 Joined:Apr 2008	Message Posted: 7/26/2008 5:25:48 AM	Ignore CaptRJO Report Abuse
	I agree with UncleBub. Use the ballot box while you still can.
UncleBub Champion Author Dayton Posts:1,638 Points:289,680 Joined:Dec 2007	Message Posted: 7/26/2008 5:23:23 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 Champion Author Grand Rapids Posts:1,031 Points:301,005 Joined:Jan 2007	Message Posted: 7/26/2008 5:15:24 AM	Ignore windowdude49301 Report Abuse
	its the metric system...
rjn5851 Champion Author Florida Posts:6,216 Points:1,336,835 Joined:Jun 2004	Message Posted: 7/26/2008 4:56:38 AM	Ignore rjn5851 Report Abuse
	bring prices down................
fratt Champion Author Grand Rapids Posts:1,428 Points:980,375 Joined:Jul 2005	Message Posted: 7/26/2008 4:39:53 AM	Ignore fratt Report Abuse
	That's way to much, GRRED!!!
Byrde Champion Author Ontario Posts:6,365 Points:1,012,645 Joined:Aug 2005	Message Posted: 7/26/2008 4:30:10 AM	Ignore Byrde Report Abuse
	They are rotten swine!!
pkhdonovan Champion Author Maine Posts:4,264 Points:1,053,600 Joined:Sep 2005	Message Posted: 7/26/2008 4:18:30 AM	Ignore pkhdonovan Report Abuse
	77% profit is sick