Husky Energy reports $2.3B fourth quarter loss

Husky Energy Inc. reported a loss of $2.34 billion in its latest quarter as it took asset impairment and other charges related to its long-term price assumptions and reductions in its long-term capital spending plans.

The company says the loss amounted to $2.34 per share for the quarter ended Dec. 31 compared with a profit of $216 million or 21 cents per share in the same quarter a year earlier.

Revenue, net of royalties, totalled $4.79 billion compared with $4.99 billion in the fourth quarter of 2018.

Husky says non-cash asset impairments and other charges totalled $2.3 billion after tax in its most recent quarter primarily related to its upstream assets in North America, including its Sunrise project.

Other charges also included exploration-related write downs and asset de-recognition at its Lima Refinery following the completion of a crude oil flexibility project.

Funds from operations totalled $469 million or 47 cents per share for the quarter ended Dec. 31 compared with $583 million or 58 cents per share a year earlier.


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