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

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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 4:39:41 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:763 Points:175,275 Joined:Jan 2008	Message Posted: 7/26/2008 2:03:26 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:1,875 Points:986,890 Joined:Jun 2005	Message Posted: 7/26/2008 1:54:56 AM	Ignore bbreff Report Abuse
	Sound just like some oil companies in the US.
org_elizard Champion Author Greensboro Posts:79,505 Points:1,120,000 Joined:Apr 2005	Message Posted: 7/26/2008 1:49:16 AM	Ignore org_elizard Report Abuse
	Humm
brutus Champion Author Alberta Posts:1,562 Points:898,555 Joined:Feb 2003	Message Posted: 7/26/2008 1:45:27 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:1,090 Points:631,225 Joined:Jun 2005	Message Posted: 7/26/2008 1:44:32 AM	Ignore LeeFree Report Abuse
	Just like the US oil companies.
Outie All-Star Author New Brunswick Posts:984 Points:499,675 Joined:Oct 2005	Message Posted: 7/26/2008 1:42:22 AM	Ignore Outie Report Abuse
	That means about 77% less money left over for me each month.
TeachR06 All-Star Author Raleigh Posts:833 Points:445,410 Joined:Sep 2006	Message Posted: 7/26/2008 1:42:00 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:3,320 Points:815,825 Joined:May 2005	Message Posted: 7/26/2008 1:40:56 AM	Ignore MiJeff Report Abuse
	no surprise here
TheThing All-Star Author Quebec Posts:740 Points:184,925 Joined:Mar 2008	Message Posted: 7/26/2008 1:40:29 AM	Ignore TheThing Report Abuse
	Greed...
tarbaby1 Champion Author Twin Cities Posts:1,948 Points:719,045 Joined:Oct 2005	Message Posted: 7/26/2008 1:36:54 AM	Ignore tarbaby1 Report Abuse
	Operating profit is up 43% - sounds pretty good to me!!!
Metroman Champion Author Philadelphia Posts:5,175 Points:1,020,150 Joined:Aug 2003	Message Posted: 7/26/2008 1:35:41 AM	Ignore Metroman Report Abuse
	imagine that
tizbowwow All-Star Author Illinois Posts:720 Points:137,960 Joined:May 2008	Message Posted: 7/26/2008 1:35:13 AM	Ignore tizbowwow Report Abuse
	NOT ok. Their greed sucks.
WonderfulMI Champion Author Michigan Posts:1,349 Points:123,720 Joined:Jun 2008	Message Posted: 7/26/2008 1:32:05 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:1,618 Points:110,535 Joined:May 2008	Message Posted: 7/26/2008 1:31:38 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:487 Points:278,100 Joined:Sep 2006	Message Posted: 7/26/2008 1:30:55 AM	Ignore Hawkeyejd Report Abuse
	OK
cardjcsk All-Star Author Toronto Posts:958 Points:425,945 Joined:Feb 2007	Message Posted: 7/26/2008 1:27:28 AM	Ignore cardjcsk Report Abuse
	same old same old
olcowboy14 Champion Author Spokane Posts:1,260 Points:248,785 Joined:Jul 2007	Message Posted: 7/26/2008 1:25:51 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 1:24:21 AM	Ignore WWWCW Report Abuse
	And who is complaint the high fuel prices?
MedicKirk1 Sophomore Author New Hampshire Posts:149 Points:98,450 Joined:May 2008	Message Posted: 7/26/2008 1:19:57 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:1,796 Points:373,700 Joined:Jun 2007	Message Posted: 7/26/2008 1:19:14 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:4,560 Points:1,069,480 Joined:Aug 2005	Message Posted: 7/26/2008 1:10:35 AM	Ignore winggnutt Report Abuse
	simple greed!
weenerdog Champion Author Detroit Posts:1,444 Points:263,110 Joined:Jan 2008	Message Posted: 7/26/2008 1:06:27 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:1,830 Points:994,620 Joined:Mar 2003	Message Posted: 7/26/2008 1:02:35 AM	Ignore MightyDude Report Abuse
	Soooo exciting, better give the CEO a HUGE BONUS!
my4kids Champion Author Ontario Posts:12,439 Points:1,092,550 Joined:Aug 2005	Message Posted: 7/26/2008 12:59:05 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:1,433 Points:393,660 Joined:Jun 2003	Message Posted: 7/26/2008 12:56:52 AM	Ignore racerdj Report Abuse
	Good for the stockholders.
lpj Champion Author Georgia Posts:3,792 Points:842,065 Joined:Apr 2006	Message Posted: 7/26/2008 12:52:04 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 12:51:08 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:6,715 Points:1,031,950 Joined:Nov 2005	Message Posted: 7/26/2008 12:26:52 AM	Ignore HDUltra03 Report Abuse
	BUT its not the oil companies! SO they tell us.....
meteorologist Champion Author Knoxville Posts:4,593 Points:1,108,750 Joined:May 2005	Message Posted: 7/26/2008 12:26:32 AM	Ignore meteorologist Report Abuse
	Its the oil producers that are making the real money.
DirtDigger1 Champion Author Buffalo Posts:1,636 Points:380,995 Joined:Jun 2007	Message Posted: 7/26/2008 12:23:23 AM	Ignore DirtDigger1 Report Abuse
	Making a profit is fine, ripping us off is not.
AuburnTim Champion Author Indiana Posts:1,179 Points:334,870 Joined:May 2005	Message Posted: 7/26/2008 12:07:42 AM	Ignore AuburnTim Report Abuse
	and thats not a crime?
ED6 Champion Author Riverside Posts:1,836 Points:356,025 Joined:Jul 2007	Message Posted: 7/26/2008 12:07:03 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:1,275 Points:1,085,365 Joined:Apr 2005	Message Posted: 7/26/2008 12:01:51 AM	Ignore Gellin Report Abuse
	They're all a bunch of thieves.
RocketGeek Champion Author Grand Rapids Posts:2,015 Points:451,330 Joined:May 2005	Message Posted: 7/25/2008 11:59:17 PM	Ignore RocketGeek Report Abuse
	Gee, I wonder how that could happen?
krell58 Champion Author Missouri Posts:4,236 Points:844,855 Joined:Apr 2006	Message Posted: 7/25/2008 11:47:39 PM	Ignore krell58 Report Abuse
	Watch the Energy Non Crisis. http://tinyurl.com/33l95c
Sigmundson All-Star Author Oakland Posts:967 Points:192,985 Joined:Apr 2005	Message Posted: 7/25/2008 11:45:46 PM	Ignore Sigmundson Report Abuse
	Strong quarter? lol that's putting it lightly
fulldawg Champion Author Georgia Posts:5,770 Points:835,695 Joined:Jun 2004	Message Posted: 7/25/2008 11:44:22 PM	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:232 Points:66,550 Joined:Jun 2008	Message Posted: 7/25/2008 11:40:26 PM	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:1,254 Points:974,580 Joined:Apr 2005	Message Posted: 7/25/2008 11:40:02 PM	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:1,849 Points:631,885 Joined:Mar 2004	Message Posted: 7/25/2008 11:34:26 PM	Ignore Mr.Chips Report Abuse
	That's where my money is
Glasman Champion Author South Carolina Posts:4,977 Points:646,500 Joined:Nov 2006	Message Posted: 7/25/2008 11:30:00 PM	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: 7/25/2008 11:28:15 PM	Ignore BostonBeck Report Abuse
	I say hang them all
CaptRJO Sophomore Author Texas Posts:117 Points:6,815 Joined:Apr 2008	Message Posted: 7/25/2008 11:25:48 PM	Ignore CaptRJO Report Abuse
	I agree with UncleBub. Use the ballot box while you still can.
UncleBub Champion Author Dayton Posts:1,648 Points:292,330 Joined:Dec 2007	Message Posted: 7/25/2008 11:23:23 PM	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:1,056 Points:305,980 Joined:Jan 2007	Message Posted: 7/25/2008 11:15:24 PM	Ignore windowdude49301 Report Abuse
	its the metric system...
rjn5851 Champion Author Florida Posts:6,246 Points:1,342,785 Joined:Jun 2004	Message Posted: 7/25/2008 10:56:38 PM	Ignore rjn5851 Report Abuse
	bring prices down................
fratt Champion Author Grand Rapids Posts:1,453 Points:985,350 Joined:Jul 2005	Message Posted: 7/25/2008 10:39:53 PM	Ignore fratt Report Abuse
	That's way to much, GRRED!!!
Byrde Champion Author Ontario Posts:6,392 Points:1,015,445 Joined:Aug 2005	Message Posted: 7/25/2008 10:30:10 PM	Ignore Byrde Report Abuse
	They are rotten swine!!
pkhdonovan Champion Author Maine Posts:4,289 Points:1,058,575 Joined:Sep 2005	Message Posted: 7/25/2008 10:18:30 PM	Ignore pkhdonovan Report Abuse
	77% profit is sick