| (millions of Canadian dollars) |
2004 |
2003 |
2002 |
| Operating |
|
(restated)
(see note 2) |
(restated)
(see note 2) |
| Net income |
663 |
1,012 |
544 |
| Items not involving current cash flow (note 16) |
2,030 |
1,504 |
1,916 |
| Exploration |
238 |
213 |
185 |
| Cash flow |
2,931 |
2,729 |
2,645 |
| Deferred gain on unwound hedges |
- |
(9) |
(43) |
| Changes in non-cash working capital (note 16) |
203 |
(128) |
(187) |
| Cash provided by operating activities |
3,134 |
2,592 |
2,415 |
| Investing |
|
|
|
| Capital expenditures |
|
|
|
| Exploration, development and corporate |
(2,565) |
(2,218) |
(1,874) |
| Acquisitions (note 3) |
(317) |
(661) |
(244) |
Proceeds of resource property dispositions
(note 19) |
75 |
1,075 |
30 |
| Investments |
- |
(11) |
(36) |
| Changes in non-cash working capital |
50 |
105 |
26 |
| Cash used in investing activities |
(2,757) |
(1,710) |
(2,098) |
| Financing |
|
|
|
| Long-term debt repaid |
(667) |
(791) |
(1,397) |
| Long-term debt issued |
912 |
292 |
1,417 |
| Common shares issued |
284 |
(184) |
(184) |
| Common shares purchased (net of proceeds on shares issued) |
(284) |
(184) |
(184) |
| Common shares dividends |
(114) |
(90) |
(80) |
| Preferred securities redeemed |
(402) |
- |
- |
| Preferred security charges |
(15) |
(38) |
(42) |
| Deferred credits and other |
164 |
28 |
(21) |
| Changes in non-cash working capital |
(10) |
- |
- |
| Cash used in financing activities |
(416) |
(783) |
(307) |
| Effect of translation on foreign currency cash |
(21) |
(28) |
- |
| Net (decrease) increase in cash and cash equivalents |
(60) |
71 |
10 |
| Cash and cash equivalents, beginning of year |
98 |
27 |
17 |
| Cash and cash equivalents, end of year |
38 |
98 |
27 |
