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    Petro-Canada reports strong first quarter production

    News // April 26, 2002
    Petro-Canada has quarterly net earnings of $88 million ($0.34 per share), down from $282million ($1.05 per share) in the first quarter of 2001. Cash flow was $287 million ($1.09 per share), down from $629 million ($2.34 per share) a year earlier. Crude oil and natural gas prices were significantly lower than in the first quarter of 2001, reducing earnings and cash flow. Net earnings for the first quarter 2001 include an after tax gain of $31 million ($0.12 per share) on the disposal of assets. Results for the first quarter of 2001 have been restated to reflect recommendations of the Canadian Institute of Chartered Accountants on accounting for foreign currency translations.

    "Growth in the upstream business advanced significantly in the quarter," commented Chief Executive Officer, Ron Brenneman. "On the East Coast our Terra Nova oil development started up successfully and the 100 000 barrel per day White Rose project (27 500barrels per day net to Petro-Canada) was approved. Also, we accelerated our international strategy with the agreement to acquire the operating assets of Veba Oil & Gas, establishing a platform for international long-term growth."

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