husky energy inc (HUSKF) Key Developments
Husky Energy Begins Oil Production at South White Rose Extension
Jun 29 15
Husky Energy has started production from the South White Rose project in the Jeanne d'Arc Basin offshore Newfoundland and Labrador. South White Rose is Husky's second major subsea satellite tieback following the successful North Amethyst subsea project. Both of these projects extend the life of the main White Rose field and use the SeaRose FPSO (floating production, storage and offloading) vessel. The SeaRose has a strong track record for reliability, with uptime of approximately 96% in 2014. The first well has been brought online and the second well is scheduled to start up in late summer. Net peak production from the South White Rose extension is expected to ramp up to about 15,000 barrels per day (bbls/day) following the startup of the second well. New production from South White Rose and the planned Hibernia-level formation well beneath the North Amethyst field is anticipated to offset the impact of natural declines in the region.
Husky Energy Inc. Presents at RBC Capital Markets 2015 Global Energy and Power Executive Conference, Jun-01-2015 10:30 AM
May 25 15
Husky Energy Inc. Presents at RBC Capital Markets 2015 Global Energy and Power Executive Conference, Jun-01-2015 10:30 AM. Venue: The Ritz Carlton Battery Park Hotel, New York, New York, United States. Speakers: Robert J. Peabody, Chief Operating Officer.
Husky Energy Starts Commercial Steam Operations at Rush Lake Heavy Oil Thermal Project in Saskatchewan
May 21 15
Husky Energy has started commercial steam operations at the 10,000 barrels per day (bbls/day) Rush Lake heavy oil thermal project in Saskatchewan, approximately eight weeks ahead of schedule. Like the Company's other thermal projects, Rush Lake is expected to ramp up to full production in a short time period. Current production from thermal projects is approximately 44,000 bbls/day. Including Rush Lake, heavy oil thermal production is expected to add another 34,500 bbls/day over the next 18 months. The 10,000 bbls/day Edam East project is scheduled to come onstream in the third quarter of 2016. The 3,500 bbls/day Edam West thermal development has been reconfigured to a capacity of 4,500 bbls/day and is set to begin production in the fourth quarter of 2016. The 10,000 bbls/day Vawn project is expected to start up in the fourth quarter of 2016. The Company's producing and planned suite of thermal projects include: Pikes Peak (1984), Bolney/Celtic (1996), Paradise Hill (2012), Pikes Peak South (2012), Rush Lake pilot (2012), Sandall (2014), Rush Lake (2015), Edam East (2016), Edam West (2016), Vawn (2016).
Husky Energy Announces Board Appointments
May 6 15
Husky Energy Inc. announced that at the annual and special meeting of shareholders of the company held on May 6, 2015, the company appointed Victor T.K Li, Eva L. Kwok, Stanley T.L. Kwok, Frederick S.H. Ma and George C. Magnus to board of directors.
Husky Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Second Quarter of 2015
May 6 15
Husky Energy Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the period, the company reported net earnings were CAD 191 million or CAD 0.19 per basic share and CAD 0.17 per diluted share on revenues net of royalties of CAD 3,956 million against net earnings were CAD 662 million or CAD 0.67 per basic share and CAD 0.66 per diluted share on revenues net of royalties of CAD 5,653 million a year ago. Loss from operating activities of CAD 26 million compared to earnings from operating activities was CAD 940 million a year ago. Loss before income taxes of CAD 14 million compared to earnings before income taxes of CAD 929 million a year ago. Capital expenditures were CAD 821 million compared to CAD 1,269 million a year ago. Cash flow from operations were CAD 838 million or CAD 0.85 per basic and diluted share against cash flow from operations were CAD 1,536 million or CAD 1.56 per basic and diluted a year ago.
For the period, the company reported total equivalent production of 356 mboe/day compared to 326 mboe/day a year ago. This reflected steady production from the Liwan Gas Project, strong performance from heavy oil thermal developments and increased production from the Ansell liquids-rich gas resource play.
Production is expected to decline in the second quarter due to a maintenance program on the partner-operated Terra Nova FPSO (floating production, storage and offloading) vessel, a three-week turnaround at the Tucker heavy oil thermal project, and other planned upstream maintenance and third-party turnarounds.