Exploration and production earnings were $494m in the fourth quarter of 2009 compared to a loss of $125m in the fourth quarter of 2008. The company’s oil and gas production was 415,000 barrels of oil equivalent per day in the fourth quarter of 2009, an increase of 9.5% from the year ago quarter.
Oil and gas proved reserves were 1,437 million barrels of oil equivalent at the end of 2009, compared to 1,432 million barrels at the end of 2008. During 2009, the Corporation added 157 million barrels of oil equivalent to proved reserves.
Marketing and refining earnings were $17m in the fourth quarter of 2009 compared to $152m in the fourth quarter of 2008. Refining operations generated a loss of $40m in the fourth quarter of 2009 compared to income of $27m in the fourth quarter of 2008. Marketing earnings were $45m in the fourth quarter of 2009 compared to $138m in the prior year quarter.
