-3 C
Fort St. John
Monday, October 22, 2018
Tel: 250-787-7100
Email: contact@energeticcity.ca
9924 101 ave Fort St. John, B.C.
Advertisement
Advertisement

Advertisement

Husky Energy reports Q1 profit up, lowers oil production due to Canadian Pipeline issues

Advertisement

CALGARY, A.B. – Husky Energy Inc. reported a first-quarter profit of $248 million, up from $71 million a year ago, as it lowered its annual production guidance.

The energy company says the profit amounted to 24 cents per share for the three months ended March 31, up from six cents per share a year ago.

On an adjusted basis, Husky says it earned $245 million or 24 cents per share in the quarter, up from an adjusted profit of $73 million or seven cents per share in the same quarter last year.

In its outlook, Husky says due to wide Canadian heavy oil differentials it will temporarily reduce heavy oil production and substitute discounted third-party crude as feedstock for its downstream operations. It also noted that its BD Project in Indonesia is ramping up more slowly than expected.

Advertisement

As a result, the company is lowering its annual production guidance for 2018 by 10,000 barrel of oil equivalents per day and is now expected to average in the range of 310,000 to 320,000 boepd, exiting the year in the 330,000 to 340,000 boepd range.

Husky says funds from operations for the year are still expected to be $4 billion.

(THE CANADIAN PRESS)

Advertisement

Advertisement
Advertisement

Advertisement

Advertisement

Local Events

Doc Walker to play the Lido Theatre

HYPNOTIST: RAY ANDERSON

Jokes N Tokes Comedy Tour

Advertisement

Advertisement

Must Read

City of Fort St. John and Moose FM launch Teal Pumpkin...

FORT ST. JOHN, B.C. – Energeticcity.ca/Moose FM and the City of Fort St. John have launched a Teal Pumpkin Map and Spooky Yard contest. Show us...

Collision on the North Taylor HIll

Huskies win in Dawson Creek