Chevron Corp. would be 16th in terms of worldwide liquids production.
Collectively, reported earnings of the OGJ100 companies declined 17.1% in 2014 from a year earlier.
Total reported revenues dipped 2.6%.
For the 2014 full year, BP’s profit was $4 billion, down
from $23.75 billion a year ago which included a $12.5 billion gain relating to the disposal of their interest in TNK-BP.
EnCana Corp. reported 2014 net earnings of
$3.39 billion compared with year-ago earnings of
$236 million. Results for 2014 included gains on divestitures of about $3.4 billion (before tax).
In Latin America, Petroleo Brasileiro SA posted a
loss of $7.5 billion for 2014 that was caused by impairment charges, down from earnings of $10.83
billion a year earlier. Petroleos Mexicanos reported
a loss of $36 billion last year following a loss of $13
billion posted in 2013 because of lower prices for oil exports
and the devalued peso.
PetroChina’s 2014 earnings declined 16.5% to $19.32 billion, primarily attributable to the sharp drop in oil prices.
cont’d from p. 48
White House keeps oil, gas in
Alaska picture amid climate emphasis
The White House quietly refused to rule out oil and gas development in Alaska as US President Barack Obama, Secretary of State John F. Kerry, and other top officials prepared
to participate in a 2-day Arctic issues conference Aug. 31 and
Sept. 1 in Anchorage with other dignitaries from as many as
20 other countries.
Obama continued to emphasize climate change impacts
on Alaska in his Aug. 29 weekly address leading up to his
visit. “This is all real. This is happening to our fellow Ameri-
cans right now,” he declared. “In fact, Alaska’s governor re-
cently told me that four villages are in ‘imminent danger’
and have to be relocated.”
The US is leading the way in making a necessary transi-
tion from “dirty energy sources” to solar, wind, and other
alternatives to address climate change impacts, the president
said. But the US economy still has to rely on oil and gas as it
accelerates the transition, he maintained.
“As long as that’s the case, I believe we should rely more
on domestic production than on foreign imports, and we
should demand the highest safety standards in the industry—our own,” Obama said.
He acknowledged some Americans’ concerns over developing offshore oil resources in environmentally sensitive
waters, and specifically mentioned approvals by the US Bureau of Safety and Environmental Enforcement and other
federal agencies for Shell Offshore Co. to drill on Chukchi
Sea leases it has held since 2008 (OGJ Online, July 23,
“We don’t rubber-stamp permits,” Obama said. “We made
it clear that Shell has to meet our high standards in how [it
conducts its] operations—and it’s a testament to how rigor-
ous we’ve applied those standards that Shell has delayed and
limited its exploration off Alaska while trying to meet them.”
Safety is top priority
Obama said, “The bottom line is, safety has been and will
continue to be my administration’s top priority when it
comes to oil and gas exploration off America’s precious
coasts—even as we push our economy and the world to ul-
timately transition off of fossil fuels.”
A senior US Department of State official made similar
points in an Aug. 28 teleconference with reporters. “There
are people who are protesting against the drilling; there are
people that are upset and believe that the president has gone
too far in terms of opening up the Arctic,” he said. “There are
an equal number of people who believe that it has not been
opened up enough.
“I’m not talking about the oil companies; I’m talking
about the citizens of Alaska, and in particular, Alaskan natives. The people of Alaska want sustainable development
that also protects the environment,” the official said.
“But at the same time, in a very pragmatic approach, we
understand that we’re going to need the petroleum products
at least for the foreseeable future,” he said. “Certain segments
of the Chukchi and Beaufort Seas have been opened up for
leases, and the companies that are up there have been doing
things under a legal process and with strict review by the
Department of the Interior and the US Coast Guard, and that
The administration has taken a balanced approach, “and