Husky Energy Profit Surges, Cuts Output Forecast
Canadian oil and gas producer Husky Energy Inc reported a jump in quarterly profit on Thursday, but lowered its 2018 output forecast, saying it would temporarily cut heavy oil production due to weakening prices of the commodity.
The company now expects production of 310,000 to 320,000 barrels of oil equivalent per day (boepd) in 2018, down from previous forecast of 320,000 to 335,000 boepd.
Average operating costs of production was C$13.33 per boe in the quarter, compared with C$13.75 per boe, a year earlier.
Net earnings rose to C$248 million ($193.2 million), or 89 Canadian cents per share, in the three months ended March 31, from C$71 million, or 66 Canadian cents per share, a year earlier.
However, Husky's average production fell to 300,400 barrels of oil equivalent per day (boepd) from 334,000 boepd a year earlier, due to sale of some of its assets in Western Canada in 2017.
Reporting by John Benny
