Husky Energy has commenced production at its Dee Valley thermal project in Saskatchewan, the second of six 10,000-barrel-per-day thermal bitumen projects to be brought onstream from 2018 to 2022.
Husky Energy Inc.
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Following an extensive investigation, flow line repairs, integrity testing and approval of the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), Husky Energy will resume production from the remaining two drill centres shut in following the November 2018 oil spill offshore Newfoundland and Labrador. Husky will now begin an orderly restart and expects to reach full rates by early next week.
Husky Energy generated funds from operations of $802 million in the second quarter, with net earnings of $370 million. Cash flow from operating activities, including changes in non-cash working capital, was $760 million, compared to $1 billion in Q2 2018.
Husky entered guilty pleas on federal and provincial charges related to a 2016 oil spill in Saskatchewan and will pay fines totaling $3.82 million.
Capital spending shifts and increased free cash flow generation included in Husky five-year plan update
With a focus on generating increased free cash flow, the updated Husky Energy five-year plan shows reduced capital spending to achieve an annual average of $3.15 billion for 2019 - 2023 versus the previously planned 2018 - 2022 annual average of $3.5 billion. Total capital spending over the 2019 - 2023 five-year period is reduced by about $1.7 billion, with total free cash flow before dividends expected to reach $8.7 billion at a flat $60 US WTI planning price.
Husky Energy generated funds from operations of $959 million in the first quarter of 2019, compared to $895 million in the first quarter of 2018. Net earnings were $328 million, compared to $248 million in Q1 2018 and free cash flow was $147 million, compared to $258 million in the first quarter of 2018. Cash flow from operating activities, which includes changes in non-cash working capital, was $545 million, compared to $529 million in Q1 2018.
Workers from Alberta's energy sector are calling on oil sands company executives to speak out about the threat Jason Kenney's policies represent to the future of the oil sands.
Husky Energy generated funds from operations of $4 billion in 2018, an increase of 21 percent from 2017. Annual net earnings rose 85 percent to $1.5 billion, and free cash flow was $426 million.
Husky Energy will undertake a strategic review and will potentially sell its Canadian retail and commercial fuels business and its Prince George Refinery.
Husky Energy is encouraging MEG Energy shareholders to tender their shares immediately in support of Husky's full and fair offer announced on September 30, 2018.
Husky Energy plans to spend approximately $3.4 billion on its capital expenditure program in 2019 as it continues to invest in a deep portfolio of higher-margin, longer-life projects. This is about $300 million less than forecast at the Company's Investor Day in May 2018, and includes capital spending reductions resulting from Alberta's mandated oil production cuts.
Operations remain suspended at the SeaRose floating production, storage and offloading (FPSO) vessel with all production wells secure after a period of extreme weather late last week.