Petro-Canada Says Earnings Down 20%

Petro-Canada, the North American country's third largest oil company, has said that earnings fell by twenty percent to C$321 million ($204 million) in the second quarter, as the amount it made refining and selling gasoline declined.

Net income fell to C$1.21 a share, from C$399 million, or C$1.48, a year earlier. Revenue rose 4.5 percent to C$2.48 billion, Petro-Canada said in a statement.

Petro-Canada doubled oil and natural gas output after it bought the European producer Veba Oil & Gas GmbH in May and started production at its Terra Nova project offshore Newfoundland. Profit at refineries and petrol stations were hurt as demand fell as the North American economy slowed.

“Production in the quarter is double last year's level,” Chief Executive Officer Ron Brenneman said in a statement. “The integration of our international operations is largely complete.”

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