Berliner_ : Fourth Quarter Results for 2017
In 2017, we achieved record revenues of $12.0 billion and record cash flow from operations of $5.1 billion as a result of a favourable commodity price environment and our ongoing focus on cost control at all our key assets.
Adjusted profit was $700 million ($1.21 per share) in the fourth quarter compared with $930 million ($1.61 per share) in the fourth quarter of last year. Profit attributable to shareholders was $760 million ($1.32 per share) in the fourth quarter compared with $697 million ($1.21 per share) a year ago. Annual adjusted profit attributable to shareholders was $2.6 billion, or $4.45 per share, compared with $1.1 billion in 2016, or $1.91 per share. Annual profit attributable to shareholders was $2.5 billion, or $4.34 per share, compared with $1.0 billion in 2016, or $1.80 per share.
EBITDA was $1.6 billion in the fourth quarter, the same as a year ago. Adjusted EBITDA for the quarter totaled $1.5 billion compared with $1.9 billion last year. Our annual EBITDA was $5.6 billion in 2017 compared to $3.4 billion in 2016 and adjusted EBITDA was $5.7 billion compared with $3.5 billion in 2016.
Gross profit was $1.3 billion in the fourth quarter compared with $1.6 billion a year ago and before depreciation and amortization was $1.7 billion compared with $2.0 billion in the fourth quarter of 2016.
Cash flow from operations of $1.5 billion in the fourth quarter was the same as a year ago. Cash flow from operations for the year was a record $5.1 billion compared with $3.1 billion in 2016.
Our liquidity remains strong at approximately $4.8 billion, including US$3.0 billion of undrawn, committed credit facilities and $1.0 billion of cash at February 13, 2018. During the quarter, we extended the maturity date of our US$3.0 billion credit facility from July 2020 to October 2022. We expect to realize $1.2 billion in cash on closing of the sale of our two-thirds interest in the Waneta Dam, which we do not expect to close before the third quarter of 2018.
Fort Hills produced its first oil on January 27 and remains on track to reach 90% of capacity by the end of 2018. The first train is currently producing and ramping up to capacity. The two remaining secondary extraction trains are mechanically complete, are currently being insulated and expected to begin producing on schedule in the first half of 2018.
During the fourth quarter, we acquired an additional working interest in Fort Hills, increasing our interest to 20.89% from 20.0% for a cost of $121 million. Our interest has continued to increase and depending on the final project cost and funding elections we make, we expect our final ownership interest to be approximately 21.3%.
In December, we paid a dividend of $0.45 per share consisting of a supplemental dividend of $0.40 per share and our regular base quarterly dividend of $0.05 per share, which totaled approximately $260 million. In addition, taking into account our strong cash position, we also announced our intention to apply an additional $230 million to the repurchase of shares through March 31, 2018, of which 5.9 million Class B subordinate voting shares were repurchased for $175 million in the fourth quarter.
In November, for the first time, we were named as one of Canada's Top 100 Employers by Mediacorp