THE WALL STREET JOURNAL: Shell Canada 1Q EPS C$1.52: “Shell Canada said revenue rose to C$3.01 billion from C$2.51 billion.” (ShellNews.net) Posted 27 April 05

DOW JONES NEWSWIRES

CALGARY -- Citing continued strong commodity prices and refining margins, along with a C$59 million favorable adjustment, Shell Canada Ltd. (SHC.T) reported a 13% increase in first-quarter profit.

In a news release, the oil and gas company said it earned C$417 million or C$1.50 a share (C$1.52 a share basic) versus C$368 million or C$1.33 a share in the first quarter of 2004.

The Thomson First Call mean estimate was for C$1.27 a share in the latest quarter.

Cash flow from operations for the first three months was C$654 million, up C$102 million from C$552 million a year earlier.

Shell Canada said revenue rose to C$3.01 billion from C$2.51 billion.

Capital, exploration and pre-development expenditures for the quarter amounted to C$286 million, up from C$150 million for the same period in 2004. This was mainly due to higher expenditures in exploration and production, the company noted.

Shell Canada said strong commodity prices and solid contributions from all three business units resulted in improved earnings compared with the preceding quarter. In particular, Oil Products achieved record earnings in the period, it added.

In the first quarter of 2005, bitumen production averaged 79,000 barrels a day (Shell share), up 20% from the preceding quarter but down slightly from 81,600 b/d in the same period in 2004. A shutdown of one train at the Scotford Upgrader in the fourth quarter of 2004 that continued into 2005 reduced production, as did a subsequent shutdown of the same train in mid-March, it said. The Athabasca Oil Sands Project returned to full production in early April.

Company Web Site: http://www.shell.ca

Shell

 Canada Ltd. - Calgary

       1st Quar March 31:

       All figures in Canadian dollars

                         2005                2004

Revenue          C$3,005,000,000     C$2,514,000,000

Net income           417,000,000         368,000,000

Cash flow            654,000,000         552,000,000

Shr earns

 Net income                 1.50                1.33

 Cash flow                   n/a                 n/a

-Wendy Tsau, Dow Jones Newswires; 416-306-2100

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