(Reuters) – Husky Energy Inc, one of Canada’s biggest integrated oil producers, urged the incoming Alberta provincial government on Friday to end mandatory production cuts, saying they have hurt the economy, even as the company posted higher quarterly profit.
Alberta imposed the curtailments in January in an attempt to reduce hefty price discounts on Canadian crude that reflected production that far exceeded pipeline space.
Husky and rival integrated producers Imperial Oil Ltd and Suncor Energy Inc previously benefited from refining cheaper oil, and opposed the cuts.
“Alberta needs to take concrete measures to rebuild investor confidence,” Husky Chief Executive Rob Peabody said on a conference call. “We have a new government and we urge them to return to competitive free market principles by ending quotas