Husky Energy Inc beat estimates with quarterly profit on Thursday as it benefited from higher crude oil prices while the company blamed maintenance and bad weather for the drop in production volumes.
The average realized prices for production rose 19.6 per cent to $49.74 per barrel.
Amid the transportation bottlenecks that Canadian Energy companies face, Husky said earlier this month it had excess oil pipeline capacity to the United States.
Husky produced 296,000 barrels of oil equivalent per day (boe/d) during the quarter, down from 320,000 boe/d, a year earlier.
The Calagary, Alberta based company reported a profit of $448 million, or or 44 cents per share, in the second quarter ended June 30, compared with a loss of $93 million, or 10 cents, a year earlier. It increased its quarterly cash dividend to $0.125 per common share.
Excluding certain items, Husky posted a profit of 47 cents per share, beating the average analyst expectations of 34 cents.