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Husky profit surges 89 per cent

NORVAL SCOTT

From Thursday's Globe and Mail

Latest comment posted at 3:48 AM EST 24/07/08

Despite lower output, No. 3 oil producer soars on high oil and gas prices ...Read the full article

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  1. Joe D. S from Canada writes: Gouging. Plain and simple.
  2. Vern McPherson from writes:
    If Husky wants to build an ethanol plant somewhere the FedCOns will pay for it with Canadian's tax money ............
  3. Robert MacDonald from Canada writes: Lower output.. higher profit. Hmmm
  4. GM Blogger from Brampton, Canada writes: Profits up 89% .... but the stocks are tanking. fishy fishy fishy.
  5. Kathy H from Canada writes: If any bank had an increase of 89% in its earnings, half the country and all of the politicians would be screaming. Oil companies are constantly jacking up pump prices for already processed oil just because the crude has gone up and no one makes a peep.
  6. Robert MacDonald from Canada writes: So with that same logic... I should work less, and get paid more
  7. R L from Canada writes: .

    Oh but a carbon tax on the oil industry will just RUIN these companies right? What a joke. Record profits after record profits, year after year.

    I say we tax the living hell out of the oil companies, after all, they're using natural resources that belong to the citizens of Canada.
  8. Rick Harris from Canada writes: Give 'em a break, they will have to eat into those profits to update those pie-charts stuck to the side of their pumps; the ones that say '3% profit' and '47% TAXES!!!!'
  9. d p from writes: 'Joe D. S from Canada writes: Gouging. Plain and simple.'

    Prices are set by a worldwide market and lots of new demand from China and India.

    'GM Blogger from Brampton, Canada writes: Profits up 89% .... but the stocks are tanking. fishy fishy fishy. '

    Yes many people are worried and about demand destruction in the US, their declining dollar, parked cars, lower SUV sales. The whole sector is down. If you have guts, it could be a great time to buy, but its a tough call.

    'Kathy H from Canada writes: If any bank had an increase of 89% in its earnings, half the country and all of the politicians would be screaming. '

    The big banks never experience the downturns of the oil patch. Oil is alot more risky. Look back to the eighties in Alberta. People lost jobs and walked away from homes they could no longer afford...Just like Florida today. It could happen again.

    'Robert MacDonald from Canada writes: So with that same logic... I should work less, and get paid more'

    If the market was willing to pay you more, you would probably take the raise.



  10. martin ess from Canada writes: Robert MacDonald from Canada writes: 'So with that same logic... I should work less, and get paid more '

    Robert, the part of the logic you're missing is that oil has been increasing in value (after years of being undervalued).

    Your time as employee is probably not worth more.
  11. martin ess from Canada writes: 'Husky profit surges 89 per cent'

    Great news from a winner. I'm looking forward to the dividend increase.
  12. Is there anybody out there? from Canary Islands, Canada writes: Harper's big oil buddies cash in again $$$$$$
  13. Karen Johnson from Edmonton, Canada writes: ONLY 89%??? Quick Ed Stelmach...time for another subsidy! And better rethink those royalty increases for 2009.
  14. D Mores from GTA, Canada writes: Way to go Husky!!! Keep up the great work!
  15. Cynic from Canada from Canada writes: And who was it that said that the Afghanistan and Iraq 'wars' were a mistake? Sounds like they have been very, very successful indeed!
  16. john doe from toronto, Canada writes: Breaking news: Winnipeg Police Taser Gas Company Executive, 56, for Stealing from his Customers.

    'Mr Husky was brandishing 89% profits,' said the police spokesman. 'We asked him several times to drop excessive profits before the taser was deployed.'

    Prime Minister Harper quickly condemned the police action. 'There are no thieves in the oil industry -- only hardworking businessmen who pick themselves up by their bootstraps. The police went too far.'

    Husky officially complained that the use of an electronic control device discriminates against the use of fossil fuels.
  17. Anti Elvis from Calgary, AB, Canada writes:
    Only what all of you don't understand is that oil companies went out and did the work to find these reserves, sometimes as much as a decade prior. So now the price of oil has gone up and they reap great profits.

    It's NO different than you buying a house right before a real estate boom & selling at the peak. One is gouging, the other is 'smart investing'.

    Oil companies don't set the prices of oil, traders do.
  18. Dave C from Edmonton, Industrial Hell, Canada writes: Stelmach and the Alberta government are such a bunch of idiots. They apologetically raised the royalty rate a wee bit and Big Oil continues to rake in the money. It's good to be Big Oil in Alberta, it sucks for most everyone else due to the VERY high inflation and cost of living.
  19. Hendrick Larose from Canada writes: Higher prices makes money for the investors and for the government (higher royalties, higher income taxes and high personal taxes on investors). There are lots of winners from this success story.
  20. Howard Beale from Canada writes: Profit surges 89% but corporate income tax is up 100% for the quarter.

    Lucky governments.
  21. Save our Planet from Toronto, Canada writes: Keep in mind people that these profits are from projects that Husky invested in when oil was ~$50/bbl. Going forward the costs of doing business are a lot higher now that everyone is going after oil and gas. Raising royalties will just put the brakes on future development, not the smart investments (and the associated risks) of the past
  22. R L from Calgary, Canada writes: Yahoo! Larger bonuses in the oil patch....more Ferraris, Porsches and bigger, fancier Bimmers....Life does not get much better for those oil patch employees that see the big bonuses. On a serious note.... now we know why yesterday's news was of no concern to certain Canadian Companies What is a $100 Million loss amongst friends????? No Wonder they didn't care about yesterday's news. Print E-mail Share Text SizeWiden this Page News from Reuters Canadian oil producers shrug off SemGroup exposure 22/07/08 By Scott Haggett and Jeffrey Jones CALGARY, Alberta (Reuters) - Three Canadian oil companies listed as among the biggest creditors of bankrupt energy trader SemGroup LP said on Tuesday the U.S. company's filing will have little impact on their operations. SemGroup declared bankruptcy on Tuesday after $3.2 billion in oil trading losses torpedoed the formerly 12th-largest private U.S. company. Husky Energy Inc and ARC Energy Trust are listed as among the top creditors of SemGroup, owed $50.1 million and $26.2 million, respectively, while Nexen Inc is listed as being owed $22.3 million. 'We're not fussed at all,' said Michael Harris, a spokesman for Nexen. He said the trading debt owed to Nexen may actually be a wash because of money that the oil producer also owes the trader.
  23. Steven Ferguson from Canada writes: Great news for Husky. Too bad I don't own any shares, but I hope my pension plan does. Higher profits of course also mean higher income tax revenue for the provincial and federal governments. The more profits companies make in Canada the better for everyone through higher tax revenues and new investment.
  24. Michael Kalus from Canada writes: d p from writes:
    The big banks never experience the downturns of the oil patch. Oil is alot more risky. Look back to the eighties in Alberta. People lost jobs and walked away from homes they could no longer afford...Just like Florida today. It could happen again.

    -----------------------

    Oil is a real tangible good with some real value behind it, while banks (as is now really evident) deal in imagination. The long term prospects of oil companies aren't THAT bad, as long as they have something they can sell.

    Banks on the other hand rely on people actually TRUSTING them, who here is still trusting the banks?
  25. harry carnie from Northern, B.C., Canada writes: As long as you complainers are filling up those
    hulking SUVs just to drive to the grocery store
    for a pack of cigs, and a liter of milk...

    You ARE more of a problem than Husky`s cash flow.
  26. Twitchy Libertarian from Calgary, Canada writes: Another headline, cue the whining. This can be explained in two words: oil price.

    I doubt this will last, what with demand hurting and costs of bringing new production rising rapidly.

    When the oil companies were losing money, where were all of the people saying they were 'charging too little'? It's a cycle, ups and downs.
  27. M Poland from Calgary, Canada writes: I can scarcely believe what a bunch of whingeing no-brainers write into this forum whenever a 'big, bad oil company' makes some money. Profit up 89%--quick Martha, it's a rip-off! Up 89% from what? not one of you w@nkers bothered to ask. Meanwhile, banks continue to just print it, basically.
  28. Alistair McLaughlin from Canada writes: I guess most of the commenters here would prefer to see the oil companies losing billions of dollars. That would do us a lot of good wouldn't it?
  29. d p from writes: Michael Kalus from Canada writes: Oil is a real tangible good with some real value behind it, while banks (as is now really evident) deal in imagination. The long term prospects of oil companies aren't THAT bad, as long as they have something they can sell.

    Banks on the other hand rely on people actually TRUSTING them, who here is still trusting the banks?

    I somewhat agree, but the big banks in Canada are pretty steady investments...Unlike many U.S. banks.

    I have owned these steady shares for years. I trust TD's managment. I use them myself. I like their CEO, Ed Clark, just the sort of conservative CEO that American banks need. I like TD's preferred shares. I bought some recently with a 5.65% yield... a great investment. I am very sure there will be less volitility in TD common shares than most of the oil patch. ATM fees and more conservative mortgages and financail services can be a good business.
  30. Cognitively Cogitative from Just west of the open tar pit, Canada writes: I don't get it. The human race is on the brink of environmental self annihilation and the oil companies are making record profits??? I would appreciate the folly of this if it didn't mean me leaving my kids a sick, polluted planet to have to survive in. Oil companies are guilty of suppressing 50 yrs of alternative transport and energy. Why are they still benefiting so largely off the demise of the planet? The world is going down the $hithole because of these companies and judging from the comments, people here don't seem to realize the gravity of the situation.
  31. Vern McPherson from writes:
    Twitchy Libertarian from Calgary, Canada writes: Another headline, cue the whining. This can be explained in two words: oil price.
    I doubt this will last, what with demand hurting and costs of bringing new production rising rapidly.
    When the oil companies were losing money, where were all of the people saying they were 'charging too little'? It's a cycle, ups and downs.
    Posted 23/07/08 at 11:34 PM EDT | Alert an Editor | Link to Comment

    ==========================================

    When were the oil companies losing money ??

    AHAAAAAAAAAAAAHAHAHAHAHAAHAHHHAAHAAHH !!!!

    When poor stelmmy wanted to raise royalties last year they all reported depressed profits and warned they would go elsewhere.

    Toooooooo funny ...............

    Husky is an integrated outfit which means they profit from retail gasoling sales. Consumers are not amused. Stockholders and bonussed execs are. It's what makes the world go round I guess ......
  32. Vern McPherson from writes:
    Alistair McLaughlin from Canada writes: I guess most of the commenters here would prefer to see the oil companies losing billions of dollars. That would do us a lot of good wouldn't it?
    Posted 24/07/08 at 12:00 AM EDT | Alert an Editor | Link to Comment

    ==================================

    Rather extreme of you isn't it ? Isn't there a position in between you'd prefer to explore ?

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