Petro-Canada Expects Higher Production

Petro Canada is raising production next year 2007 and boosting their dividends but moving in opposite directions on their capital spending plans.

Petro-Canada said late Thursday it plans to grow production 15 % next year 2007 and will raise capital spending by 15 % to $4.1 billion as the company increases its quarterly dividend by nearly a 3rd.

At Petro-Canada, the company expects to boost oil and gas production significantly in 2007 to about 420,000 barrels of oil equivalent output a day from 390,000 barrels now.