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Husky Energy reports rising production as oil stabilised in Q4

Friday, February 24, 2017 7:00
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Canadian oiler Husky Energy Inc (TSE:HSE) reported rising production in the fourth quarter amid improving oil prices.

Output was up to 327,000 barrels oil equivalent per day, versus to 301,000 boepd during the preceding three month period – it was, however, still negative compared to the 357,000 boepd produced in the same period of 2015.

Chief executive Rob Peabody highlighted that Husky had responded quickly to the new price environment and claimed the company is now well positioned for the next phase of growth.

“We have a strong balance sheet and are advancing a deep portfolio of projects,” he said.

“From this firm foundation, we will continue to expand margins, further reduce our break-even oil price and increase our ability to generate free cash flow.”

Husky told investors that it had US$279mln of free cash flow, making the full year figure US$371mln.

Net earnings were US$186mln for the year, compared to a US$69mln loss for the same three months last year.

Story by ProactiveInvestors


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