Petro-Canada Maintains Strong Liquidity through a Difficult First Quarter Business Environment Highlights
Bibliographic record
Abstract
• Reliable upstream operations and production of 410,000 barrels of oil equivalent/day (boe/d), in line with guidance • Advanced the three major growth projects previously sanctioned by the Company • Reduced planned 2009 capital expenditures by $600 million to $3.4 billion • Announced planned merger with Suncor Energy Inc. to create Canada’s premier energy company Calgary – Petro-Canada announced today first quarter operating earnings of $111 million ($0.23/share), down 88 % from $899 million ($1.86/share) in the first quarter of 2008. First quarter 2009 cash flow from operating activities before changes in non-cash working capital was $702 million ($1.45/share), down 62 % from $1,852 million ($3.83/share) in the same quarter of last year. Net losses were $47 million ($(0.10)/share) in the first quarter of 2009, compared with net earnings of $1,076 million ($2.22/share) in the same quarter of 2008. “A key priority for us during these tough times is to maximize cash flow in order to preserve our strong liquidity, ” said Ron Brenneman, president and chief executive officer. “Reliable business operations, prudent financial oversight and our cash flow generation capability are helping us weather the downturn. “Our East Coast Canada, International and Downstream business units all contributed reasonable cash flow even with lower commodity prices and cracking margins, ” added Brenneman. “This, combined with a reduction in our 2009 capital program below what we indicated in December, enabled us to maintain strong liquidity through a difficult first quarter business environment.”
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.011 | 0.002 |
| Scholarly communication | 0.011 | 0.002 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.002 | 0.003 |
| Insufficient payload (model declined to judge) | 0.032 | 0.007 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".