Oil & Gas: Husky Energy doubles Q3 profits to $521M

“CALGARY – Husky Energy Inc. (TSX:HSE), one of Canada’s big integrated oil companies, doubled its net earnings in the third quarter on higher producton at its diverse oil and natural gas businesses.

The Calgary company reported Thursday it earned $521 million, or 53 cents a share, for the three moniths ended Sept. 30.

That was up from profits of $261 million, or 30 cents a share, a year earlier.

Cash flow from operations jumped to more than $1.3 billion, up from $794 million last year.

Meanwhile, total production before royalties averaged 309,100 barrels of oil equivalent output a day, compared with 288,700 barrels…

Husky, controlled by Hong Kong billionaire Li Ka-Shing, produces oil and gas in Western Canada, off Canada’s east coast and in southeast Asia…

Husky had contemplated spinning off its southeast Asian properties into a new publicly traded company, but ultimately decided late last year to keep the high-growth assets in its portfolio.”

Full story here from Canadian Business.


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