Consolidated Statements of Income

Years ended December 31 (millions of C$) 2010 2009 2008
    (restated –
note 3)		 (restated –
note 3)
Revenue      
Gross sales 8,076 7,011 10,269
Hedging loss – – (28)
Gross sales, net of hedging 8,076 7,011 10,241
Less royalties 1,274 1,065 1,799
Net sales 6,802 5,946 8,442
Other (note 17) 110 115 112
Total revenue        6,912 6,061 8,554

Expenses		      
Operating 1,867 1,861 1,822
Transportation 227 222 207
General and administrative 392 334 294
Depreciation, depletion and amortization 2,164 2,360 2,606
Dry hole 123 539 442
Exploration 384 301 429
Interest on long-term debt        163 192 168
Stock‑based compensation (recovery) (note 13) 201 290 (73)
(Gain) loss on held-for-trading financial instruments (note 15)        (102) 412 (1,664)
Other, net (note 18) 194 47 (179)
Total expenses        5,613 6,558 4,052
Income (loss) from continuing operations before taxes 1,299 (497) 4,502
Taxes (note 19)      
Current income tax 1,032 731 1,282
Future income tax (recovery) (272) (678) 165
Petroleum revenue tax 131 108 176
  891 161 1,623
Income (loss) from continuing operations        408 (658) 2,879
Income from discontinued operations (note 3)        240 1,095 640
Net income        648 437 3,519

Per common share (C$):		      
Income (loss) from continuing operations 0.40 (0.65) 2.83
Diluted income (loss) from continuing operations 0.39 (0.65) 2.78
Income from discontinued operations 0.24 1.08 0.63
Diluted income from discontinued operations 0.23 1.08 0.62
Net income 0.64 0.43 3.46
Diluted net income 0.62 0.43 3.40
Average number of common shares outstanding (millions) (note 22) 1,018 1,015 1,017
Diluted number of common shares outstanding (millions) (note 22) 1,037 1,015 1,034

See accompanying notes.