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    Home » Husky Energy profit halves as U.S. margins fall, output slips

    Husky Energy profit halves as U.S. margins fall, output slips

    October 24, 2019
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    Husky Energy profit halves as U.S. margins fall, output slips
    Rob Peabody, Husky Chief Executive

    News wire – Husky Energy Inc reported a 50% drop in quarterly profit on Thursday, as the integrated oil and gas company was hurt a drop in U.S. refining margins and lower crude oil prices.

    The company has struggled as a shortage of heavy crude has prevented U.S.-based refiners from taking advantage of stronger margins, while mandatory curbs in the Canadian province of Alberta have hit production.

    Husky said average realized U.S. refining and marketing margins were $12.17 per barrel in the third quarter, compared with $17.52 a year ago.

    Production at the Calgary based Husky fell marginally to 294,800 barrels of oil equivalents a day (boepd).

    Net earnings fell to C$273 million ($208.76 million), or 26 Canadian cents per share, in the three months ended Sept. 30, from C$545 million, or 53 Canadian cents per share, a year earlier.

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