| |
2006 Q3 Highlights
Three months ended September 30, 2006
All values are in Canadian dollars and conversions of natural gas volumes to barrels of oil equivalent (boe) are at 6:1 unless othewise indicated
| Financial
and Operating Results |
| |
|
|
|
|
|
| ($000s except per unit data) |
|
2006 |
|
2005 |
% Change |
|
|
|
|
|
|
Revenue (net of royalties and financial
derivative instruments) |
$ |
661,022 |
$ |
295,060 |
124 |
|
|
|
|
|
|
| Cash flow from COGP operations(1) |
$ |
41,315 |
$ |
55,470 |
(26) |
| Cash flow from USOGP operations(1) |
|
20,156 |
|
18,669 |
8 |
Cash flow from midstream services
and marketing (1) |
|
58,618 |
|
12,179 |
381 |
| Total cash flow from operations |
$ |
120,089 |
$ |
86,318 |
39 |
| Per weighted average unit - basic (2) |
$ |
0.61 |
$ |
0.53 |
15 |
| Per weighted average unit - diluted (3) |
$ |
0.57 |
$ |
0.53 |
8 |
| Declared distributions to unitholders |
$ |
70,970 |
$ |
59,333 |
20 |
| Per unit |
$ |
0.36 |
$ |
0.36 |
- |
Percent of cash flow from operations paid
out as declared distributions |
|
59% |
|
69% |
(14) |
| Net income |
$ |
120,850 |
$ |
18,386 |
557 |
| Per weighted average unit - basic (2) |
$ |
0.61 |
$ |
0.11 |
455 |
| Per weighted average unit - diluted (3) |
$ |
0.58 |
$ |
0.11 |
427 |
| Capital expenditures |
$ |
38,254 |
$ |
40,762 |
(6) |
| |
|
|
|
|
|
| Weighted average trust units outstanding (000s) - Basic (2) |
|
197,156 |
|
164,218 |
20 |
| - Diluted (3) |
|
220,362 |
|
164,543 |
34 |
(1) Represents cash flow from operations before changes in working capital and site restoration expenditures
(2) Excludes exchangeable shares
(3) Includes dilutive impact of unit options, exchangeable shares and convertible debentures
| |
|
2006 |
|
2005 |
% Change |
| |
|
|
|
|
|
|
| Oil and Gas Production (1) |
|
|
|
|
|
| Daily production |
|
|
|
|
|
| Light/medium crude oil (bpd) |
|
13,955 |
|
15,583 |
(10) |
| Heavy oil (bpd) |
|
2,004 |
|
4,075644 |
(51) |
| Natural gas liquids (bpd) |
|
1,326 |
|
1,523 |
(13) |
| Natural gas (mcfpd) |
|
80,991 |
|
75,523 |
7 |
| Oil equivalent (boed) (2) |
|
30,784 |
|
33,768 |
(9) |
| Average selling price (before non-hedging derivative instruments) |
|
|
|
|
|
| Light/medium crude oil ($/bbl) |
$ |
62.95 |
$ |
62.95 |
- |
| Heavy oil ($/bbl) |
$ |
48.15 |
$ |
46.74 |
3 |
| Corporate oil blend ($/bbl) |
$ |
61.10 |
$ |
59.59 |
3 |
| Natural gas liquids ($/bbl) |
$ |
52.03 |
$ |
54.27 |
(4) |
| Natural gas ($/mcf) |
$ |
5.88 |
$ |
8.43 |
(30) |
| Oil equivalent ($/boe) (2) |
$ |
|
$ |
56.00 |
(12) |
| Field netback (before realized non-hedging derivative instruments) ($/boe) |
$ |
28.26 |
$ |
35.21 |
(20) |
| Field netback (including realized non-hedging derivative instruments) ($/boe) |
$ |
28.17 |
$ |
28.25 |
- |
| |
|
|
|
|
|
|
| Midstream services and marketing |
|
|
|
|
|
| Managed NGL volumes (bpd) |
|
166,483 |
|
61,760 |
170 |
| EBITDA (000s) (3) |
$ |
65,958 |
$ |
12,978 |
408 |
(1) Production figures reflect the September 29, 2005 disposition of various non-core properties that averaged 2,100 boed
(2) Provident reports oil equivalent production converting natural gas to oil on a 6:1basis
(3) EBITDA is earnings before interest, taxes, depletion, depreciation, accretion and other non-cash items
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