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Oct 24, 2019

Husky Energy reports third-quarter profit down from year ago mark

Husky layoffs a concern for third-largest Canadian oilfield services firm

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CALGARY -- Husky Energy Inc. says it earned $273 million in its latest quarter, down from $545 million in the same quarter last year.

The company controlled by Hong Kong billionaire Li Ka-Shing says the profit amounted to 26 cents per share for the three months ending Sept. 30 compared with a profit of 53 cents per share a year ago.

Revenue totalled $5.31 billion, down from $6.16 billion.

Upstream production averaged 294,800 barrels of oil equivalent per day, compared with 296,700 in the third quarter of 2018. The average realized price was $47.54 per barrel of oil equivalent, down from $50.44 a year earlier.

Upgrader and refinery throughput was 356,400 barrels per day in the quarter, up from 350,600 in the same period in 2018.

Husky confirmed earlier this week that it was laying off staff as a result of steps taken to align its workforce with its capital plan and strategy, but did not say how many people it was cutting.