In February, Husky Energy Inc. said it would make a decision about spinning off its Asian offshore operations by mid-year. That news came around the same time the firm announced it found more gas off China's coast, its third discovery in the area.
After Wednesday's disappointing second-quarter earnings ($266-million against $430-million a year earlier), the company still isn't sure what it should do with the Chinese assets. "We're evaluating whether a spinoff and a separate listing of our Asian assets represent the best way to maximize value for shareholders," chief executive officer Asim Ghosh said on a conference call Wednesday. The decision is now expected by the end of the year. ( Bloomberg has more here.)
Mr. Ghosh has been in place for just two months. His predecessor, John Lau, announced his departure earlier this year and officially stepped down June 1 to take over Husky's Asia-Pacific operations. Husky watches this market closely because the company's biggest shareholder is Hong Kong billionaire Li Ka-Shing.
Tim Kiladze