Petro-Canada has posted a net loss of C$691 million ($569 million) for the fourth quarter of 2008, a 230 percent drop over the same span a year ago, although the company is flush with cash.

Company managers had C$1.4 billion ($1.15 billion) in cash on their hand at the end of 2008 and an unused credit facility of C$4.7 billion. Cash flow from operating activities doubled during to the year to C$6.5 billion and tripled in the quarter to $1.33 billion.

The company said it was in “excellent shape” after net earnings of $3.13 billion for 2008, up 15 percent year-on-year.

With spending already “actively managed”, the company also plans to curb output and said it was using Opec’s production cuts from Libya as partial guidance.

Company chief financial officer Harry Roberts said being disciplined in 2009 “preserves” planned projects “and may allow us to access additional opportunities."

Tags: Petro-Canada