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Hercules Offshore CEO on Increasing U.S. Oil Production

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    Hercules Offshore CEO John Rynd on the pros of more drilling.

  • Duration 5:03
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Well make -- 33 days and abroad out 33 -- gas prices continued their climb amid growing concerns this is more than a -- again.

Convenient truth to hear Hercules also president and CEO John -- talent.

Unless we drill more here you'll be seeing a lot more of this activity at the -- here.

For an welcomed -- good to have you.

Thank you very much -- -- -- You know there are a lot of other driving factors not lowliest of -- -- the weather and all these other fancy Nancy excuses men in your industry give me.

But you step back and say it's a lot more basic where does not happen the stuff we -- ever.

Agree if you look at global production is about ninety -- million barrels.

US consumes about 20% of that about eighteen million barrels a day.

Reproduce about eight million barrels a day.

Expected to go up by about 10% in 2013.

But there's a lot more we can be doing to address that shortfall.

You know John I hear experts like you say that I that I hear the president's State of the Union Address saying.

We have never been drilling for as much oil as the drilling now and open up contracts to the degree were open about now and -- -- thing.

And -- man on confuse what's the real deal.

Well birds lived the majority the production growth juvenile state -- not -- federal lands.

-- when he says in the state of the union we're gonna streamline permitting.

All the above we welcome that we just yet to see that.

All right so a lot of the increased activity saying is yet to pass a led to come to pass so it it mightn't.

Sound good on paper but the reality as we are not.

Presently the beneficiaries of more oil we're tapping here is that -- rather they're we have more upside than what -- garnering today.

OK so when he targets your industry.

And -- want to take away the tax breaks whatever they are that you've been aborted.

And and and give them to what he calls -- promising technologies.

Solar wind -- senator what do you think about.

-- I think it's shortsighted but saying that we do need all the above approach.

We need win win these so we need nuclear we need coal within natural gas we need all we need all that sources of energy to meet the growing demand.

So that would this pipeline the Keystone Pipeline there were what 101000 -- -- -- who were protesting at a -- called saying that we need to do this month they get a myself.

On.

Price have been running up in this frigid cold as a signal that we don't views -- things -- gonna early date.

Between a rock and a hard place but what what you.

Do you think if he changes his mind on keystone -- allows it to be completed despite those environmentalists -- That's a step in the right direction.

Absolutely yes without question.

Do you think he's gonna do that.

I do think he's you've done.

-- the environmental come back John as you know and say.

That's at best a short live tics and in the fact of the matter that it imposes.

Of the far more threats to our environment and by the way benefits Canada much more than it will ever -- us use -- Well you can argue that not -- -- you look at the future.

We need something to bridge the gap we're all for the wind in the solar.

But we can't go from where we are today to wind and solar.

We have to bridge the gap -- GAAP excuse me.

With clean burning natural gas and hydrocarbons from Canada and -- producing -- look at the amount of jobs decorating our industry the amount of tax generation.

Both from a corporate level to the federal registry from -- from the royalties and from individual taxes as we employ -- pay very seeing their real wages.

Do you think I know it's not exactly your neck of the woods but -- we.

Pass up a chance to address this keystone building the Canadians.

Just go ahead and do business of the Chinese that we we go ahead and do severe damage.

-- and damage our relations with our neighbor to the north.

And that this goes way beyond oil.

I agree with that they're gonna sell that oil to have buyers somewhere in the world -- should be us.

On it does not appear to be us just now also spell out pretty big we're going goes -- you know seven -- -- -- brand on.

The whole bottle over get -- -- spending at a controlled the -- over.

Probably minor cuts and you -- -- out done in the scheme of things.

And we can get our act together on on that.

As -- as -- accomplice -- -- your honor guard when you hear and see what's going on in Washington and the finger pointing back and forth and and and the hoopla over nothing.

-- -- Yes and I think your previous segment.

Was some pretty daunting financial outlook.

Around the globe.

And I think he even said we -- to -- the guys out have a third party.

I think that that is a frustration of that -- lot of -- -- face.

The run businesses and have to make capital decisions and hiring decisions and we see this non activity coming out of Washington.

Which all has an -- of an impact on both corporations and individuals and you you cast apart from both parties in that respect -- absolutely good for you -- rent thank you could sing it.

Thank you very much currency.

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