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.
Husky Energy Inc.
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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.