Performance

Financial & Operating Highlights

Year Ended December 31
Cdn$ millions, except per share and boe amounts

 

 

FINANCIAL

2013

2012

2011

Funds from operations (1)

861.8

719.8

844.3

Per share (2)

2.76

2.42

2.95

Net income

240.7

138.2

287.0

Per share (2)

0.77

0.47

1.00

Operating income (3)

223.9

163.1

293.5

Per share (2)

0.72

0.55

1.02

Dividends

374.0

357.4

344.0

Per share (2)

1.20

1.20

1.20

Capital expenditures, before land and net property acquistions (dispositions)

859.9

598.5

651.1

Net debt outstanding (4)

1,011.5

745.6

909.7

Shares outstanding, weighted average diluted

311.9

297.2

286.6

Shares outstanding, end of period

314.1

308.9

288.9

OPERATING

 

 

 

Production

 

 

 

Crude oil (bbl/d)

32,784

31,454

27,158

Condensate (bbl/d)

2,251

2,217

2,052

Natural gas (mmcf/d)

349.4

342.9

310.6

Natural gas liquids (bbl/d)

2,811

2,728

2,444

Total (boe/d) (5)

96,087

93,546

83,416

Average realized prices, prior to hedging

 

 

 

Crude oil ($/bbl)

88.90

82.03

89.51

Condensate ($/bbl)

94.13

92.63

96.07

Natural gas ($/mcf)

3.45

2.62

3.83

Natural gas liquids ($/bbl)

36.25

38.11

47.53

Oil equivalent ($/boe) (5)

46.15

40.50

47.15

Operating Netback ($/boe)

 

 

 

Commodity and other sales

46.31

40.58

47.24

Transportation costs

(1.72)

(1.29)

(1.18)

Royalties

(6.36)

(5.72)

(7.20)

Operating costs

(9.66)

(9.40)

(9.70)

Netback before hedging

28.57

24.17

29.16

Realized Hedging gain (loss) (6)

0.45

1.87

2.39

Netback after hedging

29.02

26.04

31.55

RESERVES (company gross)(7)

Proved plus probable reserves

 

 

 

Crude oil and NGL (mbbl)

194,064

185,548

170,153

Natural gas (bcf)

2,639

2,528

2,413

Total (mboe)

633,864

606,982

572,374

TRADING STATISTICS (8)

 

 

 

High price

29.95

26.25

28.67

Low price

23.12

18.36

19.40

Close price

29.57

24.44

25.10

Average daily volume (thousands)

1,064

1,356

1,251
  1. Funds from operations is an additional GAAP measure which may not be comparable with similar additional GAAP measures used by other entities. See “Non-GAAP Measures” section in the MD&A for the years ended December 31, 2013, 2012 and 2011.
  2. Per share amounts (with the exception of dividends) are based on weighted average shares.
  3. Operating income does not have a standardized meaning under GAAP.  See “Non-GAAP Measures” in the MD&A for the years ended December 31, 2013, 2012 and 2011.
  4. Net debt does not have a standardized meaning under GAAP.  See “Additional GAAP Measures” in the MD&A for the years ended December 31, 2013, 2012 and 2011.
  5. In accordance with NI 51-101, a boe conversion ratio of 6 Mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip.  Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.
  6. Includes realized cash gains and losses on risk management contracts, plus a reversal for unrealized gains and losses on risk management contracts that relate to current year production that have been recognized in netback calculations in prior quarters. In 2012, realized gains on foreign exchange contracts were not included in the netback calculation as they related solely to debt.
  7. Company gross reserves are gross interest reserves prior to deduction of royalty burdens.
  8. Trading prices are stated in Canadian dollars and based on intra-day trading.


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