Shell Canada Posted Record Profit 2005

Shell Canada Ltd. posted record annual profits of C$2.01 billion, up more than 56% over 2004 due to record energy prices and strong production growth in the oilsands.

The company said it earned C$614 million or 74 cents per share in the fourth quarter of 2005 - more than triple the C$182 million, or 22 cents per share, it earned in the same period of 2004.

''Shell Canada achieved record production in 2005, which enabled it to take advantage of strong commodity prices and deliver record earnings and cash flow,'' president and chief executive Clive Mather said in a release.

''Breaking through the C$2-billion barrier was a tremendous achievement.''

While Shell's profits were lifted by record oil and natural gas prices in 2005, the company also hit production records at its Athabasca oilsands mine and upgrader in northern Alberta, in which it owns a 60% operating stake.