Petro-Canada has produced a near doubling of third-quarter earnings, the company said Thursday, as a C$1.24 billion ($984 million) operationg result showed the worth of “reliable upstream operations”.

Company production fell slightly year-on-year to 424,000 barrels of oil equivalent per day, although cash from operations still doubled to C$2.12 billion ($1.68 billion).

The company’s international earnings were up 140 percent to C$483 million ($383.7 million)., and off Eastern Canada, earnings rose C$100 million ($79.4 million) to C$397 million ($312.2 million). Oil sands earnings doubled to C$209 million ($166 million), although costs keep increasing and development delays are in store at the C$18.8 billion Fort Hills project.

Meanwhile, company capital spending aims to put seven major projects on-stream over “several years”, including Fort Hills and an Edmonton refinery expected to convert to accept oil-sands oil.

Tags: Petro-Canada