News Column

Engineering for Husky heavy oil project finishing

May 8, 2014

By Heather Rutz, The Lima News, Ohio



May 08--LIMA -- Engineering design for a new crude flexibility project is nearly complete at Husky Lima Refinery, company officials said Wednesday.

Front-end engineering design is 90 percent complete, company officials said during a report on first-quarter earnings.

The project includes equipment upgrades to allow for the processing of up to 40,000 barrels per day of heavy crude feedstock starting in 2017, which will support Husky's growing heavy oil thermal business in Western Canada. Most of the construction making the changes will happen in 2015 and 2016.

Husky Energy owns the Lima Refinery.

Net earnings of $662 million in the first quarter increased 24 percent from $535 million in the first quarter of 2013. Cash flow from operations was $1.5 billion, an increase of 20 percent over $1.3 billion in the first quarter of 2013.

Upstream production averaged 326,000 barrels of oil equivalent per day compared to 321,000 boe/day in the first quarter of 2013 and 308,000 boe/day in the fourth quarter of 2013, reflecting additions from new projects coming online, the Sandall heavy oil thermal development and the Ansell liquids-rich gas resource project.

Also in the region, the company discussed work advancing on a new recycle gas compressor at the partner-operated refinery in Toledo, which is expected to improve operational integrity and plant performance when it comes on line later this year.

Downstream throughputs were 289,000 barrels per day, compared to 327,000 bbls/day in the first quarter of 2013, which takes into account a planned turnaround at the Lima Refinery that happened in March.

Also Wednesday, the Board of Directors of Husky Energy declared a quarterly dividend of 28 cents per share on its common shares for the three-month period ended March 31. The dividend will be payable on July 2 to shareholders of record at the close of business on June 5.

___

(c)2014 The Lima News (Lima, Ohio)

Visit The Lima News (Lima, Ohio) at www.limaohio.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Lima News (OH)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters