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ratios and key indicators

Years ended December 31
(millions of C$ except where indicated)
2006 2005 2004 2003 2002 2001 2000 1999 1998 1997
Net income (loss) 2,005 1,561 654 976 517 703 849 259 (322) 57
Cash flow 1 4,748 4,672 2,916 2,691 2,603 2,425 2,356 1,098 631 797
Exploration and development spending 4,578 3,179 2,538 2,180 1,848 1,882 1,179 996 1,145 951
Acquisitions 204 3,170 330 768 276 1,624 431 1,692 343 731
Dispositions 872 22 88 1,112 72 162 81 133 157 71
Debt/debt+equity (%) 38 43 34 36 46 48 41 45 50 45
Debt/cash flow (times) 1.0 0.9 0.8 1.0 1.3 1.4 1.0 2.4 3.3 2.2
Per common share (dollars) 2                    
Net income (loss) 1.84 1.41 0.57 0.84 0.43 0.58 0.68 0.23 (0.32) 0.06
Cash flow 1 4.35 4.23 2.54 2.32 2.16 2.00 1.90 0.98 0.63 0.81
Average royalty rate (%) 17 17 16 16 17 20 18 16 14 18
Unit operating costs ($/boe) 9.98 8.41 7.26 6.98 6.14 5.79 5.19 5.14 5.61 5.24
Unit DD&A ($/boe) 12.09 10.88 10.29 9.87 8.99 8.39 7.37 7.54 6.03 6.08

All data includes continuing and discontinued operations.
1 Non-GAAP measure. See advisories on page 36.
2 Prior years’ per common share numbers have been adjusted to reflect the three-for-one share split, which was effected in May 2006.

Historical Share Price Growth
(percentage change from January 1, 1992)

Historical Share Price Growth Graph
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