Husky Energy Inc. profits plunge 71%
Average realized price for upstream production drops to $40.84 a barrel from $72.21 last year.
Oil & Gas
oil and gas prices
CALGARY — Husky Energy Inc. has reported a 71% drop in first-quarter earnings as it struggled with low oil and gas prices.
The company earned $191 million in the quarter, compared with $662 million in the first quarter of 2014. Earnings included a $203-million deferred tax recovery.
Husky’s average realized price for its upstream production in the quarter was $40.84 a barrel, compared with $72.21 last year.
Production rose 9.2% to 356,000 barrels of oil equivalent per day for the quarter compared with 326,000 barrels in the same quarter last year.
Operating costs per barrel dropped 13% to $14.87 a barrel from $17.21 in the first quarter of 2014. The company attributes the cost savings to lower cost production coming on stream and lower energy input costs.
The company had $3.2 billion in undrawn credit facilities at the end of the quarter.