Husky Energy reports third quarter profit up from year ago, tops expectations

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CALGARY, A.B. – Husky Energy Inc. topped expectations as it said it earned $545 million in its latest quarter, up sharply from $136 million in the same quarter last year.

The energy company says the profit amounted to 53 cents per share for the quarter ended Sept. 30, compared with a profit of 13 cents per share a year ago.

Production in the quarter totalled 297,000 barrels of oil equivalent per day, down from 318,000 boepd.

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On an adjusted basis, Husky says it earned 57 cents per share in the quarter, up from 14 cents per share in the same quarter last year.

Analysts on average had expected a profit of 48 cents per share, according to Thomson Reuters Eikon.

Earlier this month, Husky made a hostile takeover for MEG Energy Corp., which has called the bid opportunistic and said it undervalues its assets and prospects.

(THE CANADIAN PRESS)

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