EX-5 7 a2106172zex-5.htm EXHIBIT 5

Exhibit 5

 

SELECTED QUARTERLY FINANCIAL DATA

 

 

 

 

 

 

 

 

Three months ended

 

(millions of Canadian dollars unless otherwise stated)

 

Total Year

 

Dec. 31

 

Sept. 30

 

June 30

 

March 31

 

2002

 

Total revenue

 

4,452

 

1,242

 

1,110

 

1,111

 

989

 

 

 

Net income

 

524

 

182

 

151

 

90

 

101

 

 

 

Net income available to common shareholders

 

500

 

176

 

145

 

84

 

95

 

 

 

Cash flow

 

2,645

 

759

 

657

 

652

 

577

 

 

 

Total assets

 

11,594

 

11,594

 

11,471

 

10,996

 

11,032

 

 

 

Total long-term liabilities

 

6,103

 

6,103

 

5,763

 

5,655

 

5,658

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

Exploration

 

628

 

174

 

146

 

130

 

178

 

 

 

Development

 

1,220

 

283

 

297

 

256

 

384

 

 

 

Acquisitions

 

244

 

175

 

49

 

15

 

5

 

 

 

Per common share (dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

3.73

 

1.33

 

1.08

 

0.62

 

0.71

 

 

 

Diluted net income

 

3.67

 

1.31

 

1.06

 

0.61

 

0.70

 

 

 

Cash flow

 

19.73

 

5.72

 

4.87

 

4.84

 

4.31

 

 

 

Daily average production

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and liquids (bbls/d)

 

272,740

 

270,582

 

267,393

 

275,157

 

277,971

 

 

 

Natural gas (mmcf/d)

 

1,036

 

1,028

 

1,024

 

1,051

 

1,044

 

 

 

Total (mboe/d)

 

445

 

442

 

438

 

450

 

452

 

2001

 

Total revenue

 

4,140

 

937

 

999

 

1,014

 

1,190

 

 

 

Net income

 

733

 

40

 

121

 

289

 

283

 

 

 

Net income available to common shareholders

 

709

 

33

 

116

 

283

 

277

 

 

 

Cash flow

 

2,494

 

502

 

587

 

641

 

764

 

 

 

Total assets

 

10,819

 

10,819

 

11,058

 

9,991

 

8,922

 

 

 

Total long-term liabilities

 

5,489

 

5,489

 

5,432

 

4,745

 

3,851

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

Exploration

 

567

 

171

 

146

 

130

 

120

 

 

 

Development

 

1,315

 

374

 

343

 

344

 

254

 

 

 

Acquisitions

 

186

 

39

 

16

 

3

 

128

 

 

 

Per common share (dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

5.25

 

0.25

 

0.86

 

2.09

 

2.05

 

 

 

Diluted net income

 

5.16

 

0.24

 

0.85

 

2.05

 

2.01

 

 

 

Cash flow

 

18.48

 

3.75

 

4.35

 

4.73

 

5.64

 

 

 

Daily average production

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and liquids (bbls/d)

 

251,014

 

280,711

 

258,190

 

224,085

 

240,550

 

 

 

Natural gas (mmcf/d)

 

1,010

 

1,079

 

986

 

980

 

993

 

 

 

Total (mboe/d)

 

419

 

460

 

422

 

387

 

406

 

 

 

69



 

SELECTED QUARTERLY FINANCIAL DATA

 

 

PRODUCT NETBACKS

 

2002

 

2001

 

 

 

 

 

 

 

Three months ended

 

 

 

Three months ended

 

 

 

 

 

Total Year

 

Dec. 31

 

Sept. 30

 

June 30

 

March 31

 

Total Year

 

Dec. 31

 

Sept. 30

 

June 30

 

March 31

 

North America

 

Oil and liquids ($/bbl)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

32.43

 

34.57

 

35.57

 

32.76

 

26.82

 

30.80

 

21.58

 

32.81

 

33.70

 

35.14

 

 

 

Hedging (gain)

 

0.06

 

0.36

 

0.52

 

0.11

 

(0.77

)

(0.12

)

(0.72

)

(0.03

)

0.12

 

0.13

 

 

 

Royalties

 

6.85

 

7.42

 

7.74

 

6.35

 

5.90

 

6.88

 

4.56

 

7.34

 

7.58

 

8.05

 

 

 

Operating costs

 

5.55

 

6.20

 

5.91

 

4.64

 

5.48

 

5.22

 

5.84

 

5.12

 

5.02

 

4.91

 

 

 

 

 

19.97

 

20.59

 

21.40

 

21.66

 

16.21

 

18.82

 

11.90

 

20.38

 

20.98

 

22.05

 

 

 

Natural Gas ($/mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

3.96

 

5.21

 

3.26

 

4.08

 

3.29

 

5.39

 

3.20

 

3.56

 

5.99

 

9.06

 

 

 

Hedging (gain)

 

(0.28

)

(0.11

)

(0.37

)

(0.21

)

(0.42

)

0.02

 

(0.37

)

(0.22

)

0.17

 

0.54

 

 

 

Royalties

 

0.75

 

1.04

 

0.55

 

0.73

 

0.67

 

1.34

 

0.58

 

0.74

 

1.64

 

2.47

 

 

 

Operating costs

 

0.71

 

0.78

 

0.74

 

0.65

 

0.66

 

0.67

 

0.75

 

0.62

 

0.68

 

0.63

 

 

 

 

 

2.78

 

3.50

 

2.34

 

2.91

 

2.38

 

3.36

 

2.24

 

2.42

 

3.50

 

5.42

 

North Sea

 

Oil and liquids ($/bbl)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

38.76

 

41.77

 

41.89

 

37.71

 

33.87

 

36.07

 

30.15

 

37.16

 

40.48

 

38.98

 

 

 

Hedging (gain)

 

0.12

 

0.38

 

0.75

 

0.11

 

(0.74

)

(0.17

)

(0.72

)

(0.02

)

0.13

 

0.14

 

 

 

Royalties

 

1.60

 

1.72

 

1.68

 

1.41

 

1.60

 

1.85

 

1.60

 

2.06

 

1.80

 

1.99

 

 

 

Operating costs

 

11.11

 

12.00

 

12.74

 

9.51

 

10.27

 

10.06

 

9.66

 

9.92

 

11.31

 

9.71

 

 

 

 

 

25.93

 

27.67

 

26.72

 

26.68

 

22.74

 

24.33

 

19.61

 

25.20

 

27.24

 

27.14

 

 

 

Natural Gas ($/mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

3.89

 

4.51

 

3.13

 

3.05

 

5.04

 

4.35

 

4.48

 

3.40

 

3.92

 

5.35

 

 

 

Hedging (gain)

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalties

 

0.48

 

0.27

 

0.46

 

0.41

 

0.79

 

0.46

 

0.84

 

0.43

 

0.23

 

0.20

 

 

 

Operating costs

 

0.61

 

0.92

 

0.61

 

0.49

 

0.45

 

0.46

 

0.66

 

0.27

 

0.29

 

0.50

 

 

 

 

 

2.80

 

3.32

 

2.06

 

2.15

 

3.80

 

3.43

 

2.98

 

2.70

 

3.40

 

4.65

 

Southeast Asia(1)

 

Oil and liquids ($/bbl)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

39.46

 

45.04

 

41.27

 

38.77

 

32.84

 

35.97

 

27.63

 

37.87

 

42.81

 

38.22

 

 

 

Hedging (gain)

 

0.06

 

0.36

 

0.53

 

0.11

 

(0.76

)

(0.30

)

(1.04

)

(0.19

)

0.12

 

0.14

 

 

 

Royalties

 

14.83

 

17.13

 

16.13

 

13.76

 

12.34

 

10.69

 

7.74

 

11.41

 

12.73

 

11.83

 

 

 

Operating costs

 

7.93

 

8.67

 

8.30

 

7.61

 

7.15

 

7.13

 

6.89

 

6.82

 

8.04

 

6.89

 

 

 

 

 

16.64

 

18.88

 

16.31

 

17.29

 

14.11

 

18.45

 

14.04

 

19.83

 

21.92

 

19.36

 

 

 

Natural Gas ($/mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

4.72

 

6.00

 

4.12

 

4.92

 

3.96

 

4.80

 

4.06

 

4.88

 

5.60

 

4.74

 

 

 

Hedging (gain)

 

 

 

 

 

 

0.02

 

0.01

 

0.01

 

0.01

 

0.02

 

 

 

Royalties

 

0.25

 

0.31

 

0.24

 

0.25

 

0.20

 

0.24

 

0.21

 

0.24

 

0.27

 

0.23

 

 

 

Operating costs

 

0.59

 

0.80

 

0.69

 

0.49

 

0.42

 

0.47

 

0.61

 

0.50

 

0.41

 

0.35

 

 

 

 

 

3.88

 

4.89

 

3.19

 

4.18

 

3.34

 

4.07

 

3.23

 

4.13

 

4.91

 

4.14

 

Sudan

 

Oil ($/bbl)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

37.79

 

46.30

 

38.33

 

36.64

 

29.35

 

32.66

 

24.87

 

33.36

 

40.22

 

32.54

 

 

 

Hedging (gain)

 

0.07

 

0.37

 

0.52

 

0.11

 

(0.75

)

(0.13

)

(0.73

)

(0.03

)

0.12

 

0.14

 

 

 

Royalties

 

14.94

 

21.74

 

12.45

 

13.96

 

11.32

 

12.78

 

9.01

 

11.62

 

18.28

 

12.41

 

 

 

Operating costs

 

3.82

 

3.72

 

4.07

 

4.55

 

2.89

 

3.40

 

3.25

 

2.78

 

3.93

 

3.71

 

 

 

 

 

18.96

 

20.47

 

21.29

 

18.02

 

15.89

 

16.61

 

13.34

 

18.99

 

17.89

 

16.28

 

Total Company

 

Oil and liquids ($/bbl)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

37.20

 

41.47

 

39.64

 

36.46

 

31.27

 

33.99

 

26.94

 

35.33

 

38.66

 

36.54

 

 

 

Hedging (gain)

 

0.09

 

0.37

 

0.63

 

0.11

 

(0.75

)

(0.16

)

(0.75

)

(0.04

)

0.12

 

0.14

 

 

 

Royalties

 

6.83

 

8.85

 

6.66

 

6.32

 

5.52

 

6.22

 

4.29

 

6.18

 

8.34

 

6.58

 

 

 

Operating costs

 

7.99

 

8.53

 

8.89

 

7.17

 

7.38

 

7.15

 

7.27

 

6.96

 

7.45

 

6.94

 

 

 

 

 

22.29

 

23.72

 

23.46

 

22.86

 

19.12

 

20.78

 

16.13

 

22.23

 

22.75

 

22.88

 

 

 

Natural gas ($/mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales price

 

4.03

 

5.20

 

3.32

 

4.02

 

3.55

 

5.22

 

3.45

 

3.66

 

5.74

 

8.24

 

 

 

Hedging (gain)

 

(0.22

)

(0.09

)

(0.30

)

(0.16

)

(0.33

)

0.02

 

(0.28

)

(0.18

)

0.13

 

0.43

 

 

 

Royalties

 

0.67

 

0.89

 

0.51

 

0.65

 

0.63

 

1.14

 

0.58

 

0.66

 

1.37

 

2.01

 

 

 

Operating costs

 

0.69

 

0.80

 

0.72

 

0.62

 

0.61

 

0.63

 

0.73

 

0.58

 

0.62

 

0.59

 

 

 

 

 

2.89

 

3.60

 

2.39

 

2.91

 

2.64

 

3.43

 

2.42

 

2.60

 

3.62

 

5.21

 


(1)

 

Includes operations in Indonesia and Malaysia/Vietnam.

Netbacks do not include synthetic oil or pipeline operations

 

 

70