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Consolidated Statements of Income and Comprehensive Income
(unaudited)
Three Months Ended March 31(millions of Canadian dollars, except per Share and Share volume amounts) 2013 2012----------------------------------------------------------------------------Sales (Note 17) $ 961 $ 1,074Crown royalties (Note 15) (23) (96)----------------------------------------------------------------------------Revenues $ 938 $ 978----------------------------------------------------------------------------Expenses Operating (Note 3) $ 355 $ 320 Development 26 24 Crude oil purchases and transportation (Note 17) 133 118 Administration 10 6 Insurance 6 2 Depreciation and depletion 122 95---------------------------------------------------------------------------- $ 652 $ 565----------------------------------------------------------------------------Earnings from operating activities $ 286 $ 413 Foreign exchange loss (gain) (Note 9) 28 (16) Net finance expense (Notes 3 and 10) 13 12----------------------------------------------------------------------------Earnings before taxes $ 245 $ 417 Tax expense (Notes 3 and 11) 68 99----------------------------------------------------------------------------Net income $ 177 $ 318Other comprehensive income (loss), net of income taxes Items not reclassified to net income: Re-measurements of employee future benefit plans (Notes 3 and 8) 14 3 Items reclassified to net income: Derivative gains (1) (1)----------------------------------------------------------------------------Comprehensive income $ 190 $ 320--------------------------------------------------------------------------------------------------------------------------------------------------------Weighted average Shares (millions) 485 485Shares, end of period (millions) 485 485Net income per Share Basic and diluted $ 0.37 $ 0.66----------------------------------------------------------------------------
See Notes to Unaudited Consolidated Financial Statements
Consolidated Statements of Shareholders' Equity
(unaudited)
Three Months Ended March 31(millions of Canadian dollars) 2013 2012----------------------------------------------------------------------------Retained earnings Balance, beginning of period $ 1,823 $ 1,517 Net income 177 318 Re-measurements of employee future benefit plans 14 3 Dividends (170) (145)---------------------------------------------------------------------------- Balance, end of period $ 1,844 $ 1,693----------------------------------------------------------------------------Accumulated other comprehensive income Balance, beginning of period $ 9 $ 12 Reclassification of derivative gains to net income (1) (1)---------------------------------------------------------------------------- Balance, end of period $ 8 $ 11----------------------------------------------------------------------------Shareholders' capital Balance, beginning of period $ 2,673 $ 2,673 Issuance of shares 1 ----------------------------------------------------------------------------- Balance, end of period $ 2,674 $ 2,673----------------------------------------------------------------------------Contributed surplus Balance, beginning of period $ 10 $ 8 Share-based compensation 1 1---------------------------------------------------------------------------- Balance, end of period 11 9----------------------------------------------------------------------------Total Shareholders' equity $ 4,537 $ 4,386--------------------------------------------------------------------------------------------------------------------------------------------------------
