| For the years ended December 31 ($ millions) |
2007 | 2006 | ||
| Cash from (used in) operating activities | ||||
| Net income | $ | 743 | $ | 834 |
| Items not requiring an outlay of cash | ||||
| Depreciation, depletion and accretion | 351 | 255 | ||
| Foreign exchange gain on long-term debt | (153) | (1) | ||
| Future income tax expense | 578 | 18 | ||
| Other | (3) | 4 | ||
| Net change in deferred items | 26 | 10 | ||
| Funds from operations | 1,542 | 1,120 | ||
| Change in non-cash working capital (Note 25(a)) | (165) | 22 | ||
| Cash from operating activities | 1,377 | 1,142 | ||
| Cash from (used in) financing activities | ||||
| Repayment of medium term notes and Senior Notes (Note 12) | (272) | – | ||
| Net drawdown (repayment) of bank credit facilities (Note 11) | 16 | (92) | ||
| Unitholder distributions (Note 18) | (791) | (512) | ||
| Issuance of Trust Units (Note 15(a)) | 3 | 250 | ||
| Cash used in financing activities | (1,044) | (354) | ||
| Cash from (used in) investing activities | ||||
| Capital expenditures | (183) | (300) | ||
| Acquisition of additional Syncrude working interest (Note 5) | (231) | – | ||
| Acquisition of Canadian Arctic Gas Ltd. (Note 6) | – | (199) | ||
| Disposition of properties (Note 6) | 4 | 28 | ||
| Reclamation trust funding | (7) | (5) | ||
| Change in non-cash working capital (Note 25(a)) | (1) | (47) | ||
| Cash used in investing activities | (418) | (523) | ||
| Increase (decrease) in cash and cash equivalents | (85) | 265 | ||
| Cash and cash equivalents, beginning of year | 353 | 88 | ||
| Cash and cash equivalents, end of year | $ | 268 | $ | 353 |
| Cash and cash equivalents consist of: | ||||
| Cash | $ | 4 | $ | 8 |
| Short-term investments | 264 | 345 | ||
| $ | 268 | $ | 353 | |
Supplementary Information (Note 25(b))
