Husky Energy Inc. , a major integrated oil and gas producer, reported slightly lower third quarter profits but said it's raising its 2010 capital spending by about a third to $4-billion.
The Calgary company said Thursday it plans capital spending, , including acquisitions, of $4-billion this year, up from earlier estimates of $3.1-billion. The company spent $986-million on capital projects in the third quarter.
Husky said Thursday the planned increase will help the company advance its strategic plans and develop its extensive oil and natural gas properties.
"We will continue disciplined, step-wise development of our assets as we focus on near-term production growth while advancing our rich and diverse portfolio of mid to long-term value generating assets," said CEO Asim Ghosh.
In its financial report, Husky reported its net profits fell to $257-million or 30 cents a share in the third quarter ended Sept. 30, down from $266-million or 31 cents last year.