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Unocal Earnings Up 49%, Domestic Production Falls
Worldwide hydrocarbon liquids and natural gas production averaged 428,000 boe/d, slightly higher than the 420,000 boe reported in 4Q2003. However, natural gas production in the United States dropped to 470 MMcf/d from 566 MMcf/d in 4Q2003, and in Canada, output fell to 551 MMcf/d from 655 MMcf/d. Total liquids production worldwide fell to 69,000 bbl/d from 75,000 bbl/d in 4Q2003.
“Our earnings continue to be driven by strong crude oil and natural gas prices,” said CEO Charles R. Williamson. “On top of that factor, we also saw an upturn in our international liquids and natural gas production that more than offset our North America declines on an oil-equivalent basis.”
“Our primary focus in 2004 was development and moving contracts forward on previous discoveries,” said Williamson. “We recorded major bookings in Bangladesh and the Caspian Sea as contracts were signed and development projects were approved. In addition, we added reserves from discoveries in Thailand, the Permian Basin and Canada.”
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