| (millions of Canadian dollars) |
2004 |
2003 |
2002 |
| |
|
(restated)
(see note 2) |
(restated)
(see note 2) |
| Revenue |
|
|
|
| Gross sales |
6,874 |
5,610 |
5,351 |
| Less hedging loss/(gain) |
480 |
194 |
(75) |
| Gross sales, net of hedging |
6,394 |
5,416 |
5,426 |
| Less royalties |
1,124 |
894 |
927 |
| Net sales |
5,270 |
4,522 |
4,499 |
| Other (note 13) |
85 |
76 |
80 |
| Total Revenue |
5,355 |
4,598 |
4,579 |
| Expenses |
|
|
|
| Operating |
1,198 |
1,039 |
1,048 |
| Transportation (note 2) |
192 |
181 |
194 |
| General and administrative |
183 |
152 |
138 |
| Depreciation, depletion and amortization |
1,650 |
1,435 |
1,462 |
| Dry hole |
311 |
251 |
174 |
| Exploration |
238 |
213 |
185 |
| Interest on long-term debt |
158 |
137 |
164 |
| Stock-based compensation |
171 |
185 |
- |
| Other (note 14) |
89 |
16 |
113 |
| Total expenses |
4,190 |
3,609 |
3,478 |
| Gain on sale of Sudan operations (note 19) |
- |
296 |
- |
| Income before taxes |
1,165 |
1,285 |
1,101 |
| Taxes (note 15) |
|
|
|
| Current income tax |
478 |
229 |
258 |
| Future income tax (recovery) |
(105) |
(48) |
175 |
| Petroleum revenue tax |
129 |
92 |
124 |
| |
502 |
273 |
557 |
| Net income |
663 |
1,012 |
544 |
| |
|
|
|
| Per common share (Canadian dollars) (note 17) |
|
|
|
| Net income |
1.77 |
2.56 |
1.29 |
| Diluted net income |
1.74 |
2.53 |
1.27 |
| Average number of common shares outstanding (millions) |
383 |
386 |
402 |
| Diluted number of common shares outstanding (millions) |
390 |
391 |
409 |
