The 10 highest-paid executives in Houston last year all work in the energy industry and, despite domestic oil’s long and lingering swoon that began last summer, seven of them made more money than they did in high-flying 2013.
In June 2012, when Lance spoke at the last biennial seminar held by the Organization of Petroleum Exporting Countries, the U.S. was pumping 6.2 million barrels a day. Now, it produces 9.5 million barrels at day, the highest since 1972.
ConocoPhillips paid about $506 million for 98 exploration leases about 100 miles off Alaska’s north coast in 2008. In April of 2013, the company suspended its plans to drill an exploratory well in the sea, citing uncertainty in regulations.
The 34th edition of the IHS Energy CERA Week conference is heading to Houston this week, with this year’s speakers likely to focus their discussion on an energy industry grappling with a historic plunge in commodity prices.
So far, most of the congressional debate on crude exports has focused on the economics of the issue, but former Amb. Carlos Pascual’s comments amplify geopolitical concerns with the longstanding trade restrictions for oil.
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