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Last $20.70 USD
Change Today +0.3119 / 1.53%
Volume 3.5K
HUSKF On Other Exchanges
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As of 8:10 PM 03/30/15 All times are local (Market data is delayed by at least 15 minutes).

husky energy inc (HUSKF) Key Developments

Husky Energy Cuts 1,000 Jobs at Sunrise Project in Canada

Husky Energy has axed about 1,000 construction contract jobs at its Sunrise Energy project in northern Alberta, Canada.

Husky Energy Starts Oil Production at the Sunrise Energy Project in Northern Alberta

Husky Energy has started oil production at the Sunrise Energy Project in northern Alberta. Steam operations began in December 2014. Total production is expected to ramp up to full capacity of 60,000 barrels per day (30,000 bbls/day net to Husky) around the end of 2016.

Husky Energy Inc. Provides Operational Update on Liwan Gas Project

Husky Energy's reserves growth continued to outpace production in 2014, reflecting the additional booking of reserves at the Liwan Gas Project, the Sunrise Energy Project and heavy oil thermal projects. The average proved reserves replacement ratio in 2014 was 115% (111% including economic factors such as declining oil and gas prices during the year). The proved reserves replacement ratio over the past four years is 157% (143% including economic factors). At the end of 2014, Husky had total proved reserves before royalties of 1.3 billion boe, probable reserves of 1.9 billion boe and best estimate contingent resources of 14.8 billion boe. The Company's Oil Sands portfolio is responsible for 10.3 billion boe of the best estimate contingent resources total.

Husky Energy Inc. Declares Quarterly Dividend on Common Shares, Payable on April 1, 2015; Declares Dividend on Cumulative Redeemable Preferred Shares, Series 1 and Series 3, Payable on March 31, 2015

The Board of Directors of Husky Energy declared a quarterly dividend of CAD 0.30 per share on its common shares for the three-month period ended December 31, 2014. The dividend will be payable on April 1, 2015 to shareholders of record at the close of business on March 13, 2015. A regular quarterly dividend payment on the 4.45% Cumulative Redeemable Preferred Shares, Series 1 will be paid for the period January 1, 2015 to March 31, 2015. The dividend of $0.27813 per Series 1 Preferred Share will be payable on March 31, 2015 to holders of record at the close of business on March 13, 2015. The initial quarterly dividend payment on the 4.50% Cumulative Redeemable Preferred Shares, Series 3 will be paid for the period December 9, 2014 to March 31, 2015. The dividend of $0.34521 per Series 3 Preferred Share will be payable on March 31, 2015 to holders of record at the close of business on March 13, 2015.

Husky Energy Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Operating Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Operating Guidance for the Full Year of 2015; Reports Impairment for the Fourth Quarter Ended December 31, 2014

Husky Energy Inc. reported earnings results for the fourth quarter and full year ended December 31, 2014. In the fourth quarter, including one-time charges, the net loss was CAD 603 million or CAD 0.65 per basic and diluted share, compared to net earnings of CAD 177 million or CAD 0.52 per basic and diluted share, in the same period of 2013. Excluding one-time charges for asset impairments and a provision of CAD 128 million after tax to reduce inventory to net realizable value in the quarter, net earnings were CAD 147 million. Cash flow from operations was CAD 1.15 billion or CAD 1.16 per basic and diluted share, compared to CAD 1.14 billion or CAD 1.16 per basic and diluted share a year ago. For the year, the company’s capital expenditures were within guidance at CAD 5.0 billion. Cash flow from operations was CAD 5.5 billion or CAD 5.62 per diluted share, compared to CAD 5.2 billion or CAD 5.31 per basic and diluted share in 2013. This reflected the startup of the Liwan fields and ongoing steady performance from heavy oil thermal projects. Net earnings in 2014 before one-time charges were CAD 2.0 billion, comparable to 2013. Including one-time charges, net earnings in 2014 were CAD 1.3 billion. This also included a FIFO loss of CAD 108 million after tax in U.S. Refining as a result of falling commodity prices. Net earnings were CAD 1.26 million or CAD 1.20 per diluted share, compared to CAD 1.83 million or CAD 1.85 per diluted share, a year ago. The company reported operating results for the fourth quarter and full year ended December 31, 2014. In the fourth quarter production rose to 360,000 BOEs per day, up about 17% compared to the fourth quarter of 2013. Annual upstream production averaged 340,000 boe/day, an increase of approximately 9% from the previous year. This included new production from Liwan and strong performance from heavy oil thermal developments. The 3,500 bbls/day Sandall heavy oil thermal development began production in early 2014 and exited the year at approximately 5,700 bbls/day. The company provided operating guidance for the full year of 2015. Production for the year is anticipated to remain within the previously announced guidance range of 325,000 to 355,000 barrels of oil equivalent per day (boe/day). The company reported impairment for the fourth quarter ended December 31, 2014. A non-cash impairment charge of CAD 622 million after tax was recorded in the fourth quarter on mature assets in Western Canada related to reductions in the price forecast.

 

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Price/Earnings 18.7x
Price/Sales 1.0x
Price/Book 1.2x
Price/Cash Flow 4.4x
TEV/Sales 0.7x
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