Calgary’s oil patch


Following the run-up in oil and gas prices in 2003 and 2004, a number of exploration and production (E&P) companies have decided the risk and expense are too high to hedge production in 2005. Husky Energy has allowed its 2004 hedges to expire after the oil and gas company reported a $561 million hedging loss for 2004.

Suncor Energy, a major oil sands miner, has announced it will not hedge in 2005 after deploying an aggressive hedging programme throughout the expansion of its oil sands projec

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