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Oct 29, 2020

Husky Energy hit by non-cash impairment charges; reports $7B loss in Q3

Cenovus plans sweeping job cuts amid Husky deal

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CALGARY -- Husky Energy Inc. reported a nearly $7.1-billion loss in its latest quarter as it was hit by $6.7 billion in non-cash impairment charges after taxes related to lower long-term commodity price assumptions and reduced capital investment.

The company says the loss amounted to $7.05 per share for the quarter ended Sept. 30 compared with a profit of $273 million or 26 cents per share in the same quarter last year.

Revenue totalled $3.33 billion, down from $5.29 billion a year ago.

Husky says funds from operations for the quarter amounted to $148 million or 15 cents per share, down from $1.02 billion or $1.02 per share in the same quarter last year.

Total upstream production averaged 258,400 barrels of oil equivalent per day for the quarter with 294,800 in the third quarter of 2019 and 246,500 in the second quarter of 2020.

Husky announced a deal on the weekend to be bought by Cenovus Energy Inc. for $3.8 billion in shares.

"We are confident that the combination with Cenovus will deliver significant long-term value by creating a larger, stronger and more resilient Canadian integrated energy producer," Husky chief executive Rob Peabody said in a statement.

"Over the next few months while the transaction is pending, we will maintain our focus on safe and reliable operations, while planning for a seamless integration to facilitate the accelerated return of capital to shareholders."