| ($ millions, except per Trust Unit amounts) | 2006 | 2005 | ||
| Revenues | $ | 2,692 | $ | 2,019 |
| Crude oil purchases, transportation and marketing expense | (260) | (52) | ||
| 2,432 | 1,967 | |||
| Expenses | ||||
|---|---|---|---|---|
| Operating | 907 | 731 | ||
| Non-production | 70 | 85 | ||
| Crown royalties (Note 17) | 232 | 19 | ||
| Administration | 17 | 12 | ||
| Insurance | 6 | 8 | ||
| Interest, net (Note 14) | 98 | 104 | ||
| Depreciation, depletion and accretion (Note 5) | 255 | 198 | ||
| Foreign exchange gain | (5) | (29) | ||
| Large Corporations Tax and other (Note 11) | (1) | 7 | ||
| Future income tax expense (Note 11) | 18 | 1 | ||
| 1,597 | 1,136 | |||
| Net income from continuing operations | 835 | 831 | ||
| Loss from discontinued operations (Note 3) | (1) | – | ||
| Net income | $ | 834 | $ | 831 |
| Unitholders' equity, beginning of year | $ | 3,383 | $ | 2,636 |
| Net income | 834 | 831 | ||
| Issuance of Trust Units (Note 12) | 250 | 99 | ||
| Unitholder distributions (Note 15) | (512) | (184) | ||
| Contributed surplus | 1 | 1 | ||
| Unitholders' equity, end of year | $ | 3,956 | $ | 3,383 |
| Weighted-average Trust Units | 466 | 459 | ||
| Trust Units, end of year | 471 | 463 | ||
| Net income per Trust Unit1: | ||||
| Basic (Note 12(c)) | $ | 1.79 | $ | 1.81 |
| Diluted (Note 12(c)) | $ | 1.78 | $ | 1.80 |
See Notes to Consolidated Financial Statements. 1 Discontinued operations did not have a material impact on basic or diluted net income per Trust Unit. |
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| Auditors' Report |  Print This Section |
Consolidated Balance Sheets |
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