Jan. 29, 2004

CALGARY, Jan. 29 /CNW/

Shell Canada Limited announces full-year 2003 earnings of $810 million or $2.95 per Common Share, up about 45 per cent from $561 million or $2.03 per share in 2002.

Fourth-quarter earnings of $190 million or $0.69 per Common Share compared with $247 million or $0.89 per share for the fourth quarter of 2002.

Cash flow from operations for 2003 was $1.7 billion compared with $1.2 billion in 2002. Capital and exploration expenditures totalled $759 million, down from $2,289 million for 2002, which included $1,646 million for the Athabasca Oil Sands Project.

"Strong commodity prices, record earnings in our conventional upstream business and the start-up of the Athabasca Oil Sands Project contributed to record cash flow from operations in 2003," said Linda Cook, President and Chief Executive Officer, Shell Canada Limited. "Additionally, Oil Products reported their second best earnings in the Company's history.

These strong results enabled Shell to pay down a significant amount of debt and increase dividends to shareholders. Progress in ramping up the Athabasca Oil Sands Project has been encouraging, with production averaging about 130,000 barrels of bitumen per day in the fourth quarter, up 12 per cent from the previous quarter."

Petro-Canada Increases Quarterly Dividend by 50%

CALGARY, Jan. 29 /CNW/ - The Board of Directors of Petro-Canada at a
meeting held on the 29th day of January, 2004, declared a quarterly dividend
of $0.15 per share on the outstanding common shares of the Corporation,
payable on the 1st day of April, 2004 to shareholders of record at the close
of business on the 3rd day of March, 2004. The announced quarterly dividend of
$0.15 per share represents a 50% increase over the $0.10 per share dividend
paid in the fourth quarter of 2003.

"This demonstrates our confidence in our ability to maintain strong cash
flow from our diverse set of assets," commented Chief Executive Officer Ron
Brenneman.