Canadian oil and gas companies post strong first quarter earnings gains

Click here to enlarge imageCanadian oil and gas companies large and small reported strong first quarter financial results, based primarily on high natural gas prices and improved refining margins.All funds are in Canadian dollars, and all firms cited in this article are Calgary-based, unless noted otherwise.Integrated firmsShell Canada Ltd. reported net earnings of $354 million compared with net earnings of $168 million for the same period in 2000.Shell said cash flow from operations for first quarter 2001 was $489 million, up from $231 million for the same period in 2000."Exceptional market conditions and a strong operating performance allowed us to achieve record quarterly operating r...

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