Article content

CALGARY – Despite a bear market for oil, two of Canada’s largest producers said Tuesday their growth plans have not yet been derailed.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Canadian oil producers Husky, Cenovus say price storm won't derail growth plans Back to video





Claudia Cattaneo: Tuesday’s announcement tilts the odds in favour of an LNG industry liftoff: the proposed tax regime is more affordable than anticipated; has similarities to that put in place in Alberta for its oil sands industry; and provides the fiscal certainty proponents were looking for





[/np_storybar]

“We are in the midst of volatile oil prices,” Husky Energy Inc. president and CEO Asim Ghosh said in a conference call announcing third-quarter results. He added that, “We’ve taken several steps to weatherproof our business.”

Both Husky and its oil sands peer Cenovus Energy Inc. hosted earnings calls, and both companies reported production growth over the last quarter — and over the past 12 months. Husky grew production 2% quarter-to-quarter and 10% since this time last year. Cenovus’ total production was up 13% from the same quarter last year.