News Column

Husky Energy reports Q2 profit, revenue and production up from year ago

July 24, 2014

The Canadian Press



CALGARY - Husky Energy (TSX:HSE) says it earned $628 million in its latest quarter, up from $605 million a year ago as production increased about eight per cent.

The company said the profit amounted to 63 cents per diluted share in the quarter ended June 30, up from 59 cents per diluted share in the second quarter of 2013.

Revenue, net of royalties, totalled $6.31 billion, up from nearly $6 billion in the same period last year.

Production averaged 334,000 barrels of oil equivalent per day, up from 310,000 boepd a year ago, while the average realized price was $90.33 per barrel, compared with $77.98 in the second quarter of 2013.

"Our continued investment in longer-wavelength projects such as heavy oil thermals, resource plays and oil sands provide steady production and more predictable cash flow to support our growth projects in the Asia Pacific and the Atlantic Regions," said CEO Asim Ghosh.

"Our new thermal developments are delivering well above their nameplate designs and production was further boosted this quarter by strong performance from our resource plays and the start up of the Liwan gas project."

Last month, Husky said the cost of the first phase of its Sunrise oilsands project in northern Alberta was going up, with costs of its central plant coming in higher than expected.

However, the company has not provided details on how much higher costs could climb, as a final estimate has not been completed.

Sunrise Phase 1 was most recently projected to cost $2.7 billion. It is on track to start up in the second half of this year.

The first phase aims to produce 60,000 barrels of oil per day using steam-assisted gravity drainage, or SAGD, technology to extract the bitumen.

Sunrise is part of a joint-venture with BP PLC, which also includes interests in U.S. refineries.


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Source: Canadian Press DataFile


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