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Asim Ghosh, president and CEO of Husky Energy. (TODD KOROL/REUTERS)
Asim Ghosh, president and CEO of Husky Energy. (TODD KOROL/REUTERS)

Husky Energy doubles quarterly profit Add to ...

Husky Energy Inc. , one of Canada’s big integrated oil companies, doubled its net earnings in the third quarter on higher production at its diverse oil and natural gas businesses.

The Calgary company reported Thursday it earned $521-million, or 53 cents a share, for the three months ended Sept. 30.

That was up from profits of $261-million, or 30 cents a share, a year earlier.

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Cash flow from operations jumped to more than $1.3-billion, up from $794-million last year.

Meanwhile, total production before royalties averaged 309,100 barrels of oil equivalent output a day, compared with 288,700 barrels.

“The quarter marked another period of solid execution against our strategic plan and the financial results demonstrate the business is on course,” said chief executive officer Asim Ghosh.

“Activities undertaken to increase near-term production have produced results and our focused integrated business strategy generated substantial value as we continue to benefit from higher margins in midstream and downstream operations.”

Analysts polled by Thomson Reuters were on average expecting earnings of 64 cents per share and revenues of nearly $6.4-billion.

Husky, controlled by Hong Kong billionaire Li Ka-Shing, produces oil and gas in Western Canada, off Canada’s east coast and in southeast Asia.

It also operates refineries in Canada and the United States and runs a gasoline station network mainly in Western Canada.

On its second-quarter conference call, Husky announced it is on the hunt for a partner to help speed up development of some of its natural gas liquids-rich land in Alberta. The company has properties in the Ansell region of the Cardium formation, a strip of petroleum-rich rock that winds through west-central Alberta.

In the oil sands it has a joint-venture with BP plc to develop the Sunrise leases. Production from the first 60,000 barrel-per-day phase of Sunrise is expected to start up in 2014.

Husky also has interests in BP-operated refineries in the United States, and a chain of Husky-branded fuel retail outlets in Canada.

Husky had contemplated spinning off its southeast Asian properties into a new publicly traded company, but ultimately decided late last year to keep the high-growth assets in its portfolio.

Since taking the helm of the Calgary-based company last year, Mr. Ghosh has been focused on growing Husky’s near-term production.

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