CALGARY -- Shares in Husky Energy Inc. fell by as much as 11.7 per cent on Thursday morning in Toronto after it reported fourth-quarter results that matched analyst expectations on production but missed by a wide margin on funds from operations.

The Calgary-based company blamed lower U.S. refinery margins, an extended shutdown at its refinery in Lima, Ohio, and $74 million related to employee severance for posting funds from operations of $469 million, compared to $583 million in the year-earlier period and analyst expectations of $712 million, according to the financial markets data firm Refinitiv.

The company posted a net loss of $2.34 billion in the last three months of 2019 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 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.

The writedowns echo a $3.3-billion charge taken by oilsands rival Suncor Energy Inc. earlier this month, with $2.8 billion of that related to lower forecast prices for heavy oil from its Fort Hills oilsands mine in northern Alberta. Partner Teck Resources Ltd. took a charge of $910 million for the same reason for its 21.3 per cent stake in the Fort Hills mine.