Oil & Gas Journal | Apr. 27, 2015 25
the year-ago level, resulting largely from increased production volumes across all business divisions. Total gas production was 1.7 bcfd, an increase of 45%, largely due to
acquisitions completed in the first half of the year and the
concentrated liquids-rich Montney natural gas drilling program at Septimus.
Husky Energy Inc. reported a fourth-quarter 2014 net loss
of $603 million compared with net earnings of $177 million
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in the same period of 2013. Excluding one-time charges for
asset impairments and a provision of $128 million after tax,
net earnings were $147 million.
Enbridge Inc. returned to profit in fourth-quarter 2014
as new projects entered service. The company reported net
income of $316 million for the quarter after suffering a loss
of $243 million in same year-ago quarter.
CERAWeek: Regulatory hurdles still threaten US shale, CEOs say
Leaders of prominent US shale producers came together on
Apr. 21 to drive home what’s emerged as a primary theme
during this year’s IHS CERAWeek in Houston: The urgent
need to lift the export ban on US crude oil.
“It’s time to give the green light to US oil exports,” stated
John Hess, chief executive officer of Hess Corp., during an
upstream panel discussion alongside two other prominent
US-based chief executives.
Hess emphasized that the US already exports high quantities of petroleum products— 3. 8 million b/d in 2014 according to the US Energy Information Administration—so
why not crude?
“Mexico and Canada export crude,” he said. “Why not
Harold Hamm, chief executive officer of Continental Re-
sources Inc., echoed those sentiments, but thinks “it’s going
to take a while to change the mindset of Americans from one
of scarcity to that of abundance.” He emphasized educating
the public on the benefits of exports.