Husky Energy sees drop in quarterly net earnings

Prince George Refinery sale and other steps taken ‘to further align the organization and workforce’

Husky Energy sees drop in quarterly net earningsJust days after announcing an undisclosed amount of layoffs, Calgary-based Husky Energy released it third-quarter financial results indicating the company saw its net earnings fall to $273 million compared to net earnings of $545 million in quarter three of 2018. In a news release on Thursday, Husky said funds from operations were $1 billion compared…

Husky Energy net earnings rise to $328 million in quarter

‘The structural transformation of our business over the past several years is paying off’

Husky Energy net earnings rise to $328 million in quarterHusky Energy had net earnings of $328 million in the first quarter of 2019, compared to $248 million in the first quarter of 2018, the company announced on Friday. It also said it generated funds from operations of $959 million in the first quarter of 2019, compared to $895 million in the first quarter of…

Husky Energy net earnings near $1.5 billion in 2018

Company expects to continue to optimize its portfolio in 2019 with the review and potential sale of non-core downstream assets

Husky Energy net earnings near $1.5 billion in 2018Despite a “challenging” fourth quarter, Calgary-based Husky Energy recorded annual net earnings of $1.457 billion in 2018, up from $786 million in 2017. The company released its quarterly financial results on Tuesday, saying that net earnings in the fourth quarter of $216 million were down from $672 million in the fourth quarter of 2017. “It…

Husky bid for MEG Energy ends without shareholder support

All MEG shares that have been tendered to the offer will be promptly returned to shareholders

Husky bid for MEG Energy ends without shareholder supportHusky Energy announced on Thursday that its offer for MEG Energy has expired and that the minimum tender condition was not met. “Due to insufficient MEG board and shareholder support, Husky has decided not to extend its offer,” said the company. It added that since the offer began 105 days ago, a number of “negative”…

Husky looking at selling its gas stations

Retail and commercial network consists of more than 500 stations

Husky looking at selling its gas stationsHusky Energy has announced it is conducting a strategic review that could lead to it selling its Canadian retail and commercial fuels business, as well as its Prince George. B.C., refinery. “Our retail network and the Prince George refinery are excellent assets, with exceptional employees, which have made solid contributions to Husky over the years,”…

Husky Energy cuts capital spending by $300 million

Spending is being cut in areas where Husky has the most capital flexibility, including heavy oil and Western Canada resource plays

Husky Energy cuts capital spending by $300 millionHusky Energy announced on Thursday that it plans to spend about $3.4 billion on its capital expenditure program in 2019 as it continues to invest in a deep portfolio of higher-margin, longer-life projects. The spending is $300 million less than forecast at the company’s Investor Day in May 2018, and includes capital spending reductions resulting…

Husky Energy makes multibillion-dollar bid for MEG Energy

Offer being taken directly to MEG shareholders, Husky says

Husky Energy makes multibillion-dollar bid for MEG EnergyCalgary-based energy giant Husky Energy Inc. announced on Sunday a proposal to acquire all of the outstanding shares of MEG Energy Corp. for implied total equity consideration of approximately $3.3 billion, it said. In a news release, the company said the proposal values MEG at an implied total enterprise value of $6.4 billion, including the…