Husky Energy Inc, Canada’s No. 3 integrated oil company, posted a smaller-than-expected quarterly loss as cost cuts help cushion the outcome from slumping crude oil prices.
The company posted a loss of $69 million, or 9 cents per share, for the fourth quarter, in contrast to a loss of revenue of $603 million, or 65 cents per share, a year earlier.
The year-ago quarter included a non-cash control of $622 million associated with the impairment of certain mature assets.
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According to Thomson Reuters I/B/E/S, the organization lost 5 cents per share, excluding items, while analysts on average had estimated a loss of revenue of 10 cents.
Husky, controlled by Hong Kong billionaire Li Ka-shing, said U.S. oil prices averaged US$42.18 per barrel in the quarter in contrast to US$73.15 last year.
The company also said on Friday it had hired financial advisers to assist with the previously announced intend to place some midstream assets in western Canada’s Lloydminster region, which straddles the Alberta-Saskatchewan border.
Husky had said in December that it was seeking to sell the assets, to strengthen its balance sheet and meet debt obligations.
The Calgary-based company been on January scrapped its dividend, cut its capital budget in addition to production guidance for the year because it tries to cope with the prolonged slump in oil prices.
? Thomson Reuters 2016
