mellow gold schreef:
Shell to expand oilsands
CALGARY – Fourth-quarter earnings at Shell Canada Ltd. (TSX: SHC) fell $388 million from 2005, partly on lower natural gas prices and on maintenance costs at its oilsands project in northern Alberta, the company reported Wednesday.
The Calgary-based company also announced plans expand its oilsands operations, increasing mineable bitumen production to 770,000 barrels a day and refining capacity to about 700,000 barrels a day.
Shell reported annual earnings of $1.74 billion, or $2.11 a common share, compared with $2 billion or $2.43 a share in 2005. Fourth-quarter earnings were $223 million for the period ended Dec. 31, compared with $611 million for the same period a year earlier.
`Strong production from our oilsands operations following the scheduled turnarounds, and record earnings in oil products underpinned our 2006 results," CEO Clive Mather said in a release.
"Expansions of our mining, in situ and unconventional gas businesses are now all in full swing. With the acquisition of BlackRock and other strategic land positions, we have built a strong platform for future growth."
Earlier this week, parent company Royal Dutch Shell bumped up its offer for the minority shares of Shell Canada it doesn't own to $8.7 billion.