CALGARY�Shell Canada Ltd., Calgary, joined a growing list of Canadian oil patch companies reporting record earnings for the year 2000, based on strong commodity prices and improved refining margins.
The company earned $858 million (Can.) in 2000, compared with $641 million in 1999.
The 1999 results included a $230 million gain from sale of Shell�s Plains business, a $32 million impairment provision for the Peace River, Alta., in situ oil sands operation and a $54 million gain from fees paid by Shell�s Athabasca Oil Sands project partners.
Earnings in 1999, excluding these one-time items, totaled $389 million.
The company said spending in 2000 included $753 million on the Athabasca Oil Sands project in Alberta and spending in 1999 included $335 million for the Sable Offshore Energy Project offshore Nova Scotia.
Shell Canada Pres. and CEO Tim Faithfull said the company achieved record 2000 earnings and a return on average capital employed of more than 20%.
�While market conditions were an important factor in our results, a strong focus by our employees on operational excellence allowed us to take advantage of exceptional prices and margins,� Faithfull said. �These results provide a solid foundation for our large growth investment program over the next 5 years.�