Addax Petroleum Corp. (AXC.TO,AXC.L) announced a 103% increase in third quarter net income to US$248 million or US$1.59 per basic share from US$122 million or US$0.78 per basic share last year.
Funds Flow From Operations for the third quarter increased 61% to US$539 million or US$3.45 per basic share compared to US$335 million or US$2.15 per basic share in the prior year.
Petroleum sales before royalties in the third quarter of 2008 amounted to US$1,335 million, up 44% over petroleum sales before royalties of US$925 million in the year ago quarter.
Sales volumes declined 4% to 11.9 MMbbl from 12.4 MMbl last year.
For the full year 2008, the company expects total oil production in a range of 136-140 MMbl/day and for the full year 2009 expectation is in a range of 140 - 145 MMbl/day.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.