Husky Energy profit halves on lower refining margins

Husky Energy Inc reported a 50 per cent drop in quarterly profit on Thursday, as the company’s refining margins came under pressure from higher Canadian crude prices fueled by Alberta’s mandatory production curbs.

Net earnings fell to $273 million, or 26 cents per share, in the third quarter ended Sept. 30, from $545 million, or 53 cents per share, a year earlier.

The Calgary-based company’s average quarterly production fell to 294,800 barrels of oil equivalents a day (boepd) from 296,700 boepd.

© Thomson Reuters 2019

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