Thursday, July 30, 2020

HSE.TO stock: Husky Energy swings to $304-million loss in Q2 as revenues plunge

Here is the article. 

CALGARY — Husky Energy Inc. swung to a $304-million net loss in the second quarter as revenues plunged nearly 55 per cent.

The Calgary-based oil producer says it lost 31 cents per diluted share for the three months ended June 30, compared with net income of 36 cents per share or $370 million a year earlier.

Revenues were $2.38 billion, down from $5.24 billion in the second quarter of 2019.

Husky Energy was expected to lose 39 cents per share on $2.73 billion of revenues, according to financial markets data firm Refinitiv.

Funds from operations were $18 million or two cents per share, down from $802 million or 80 cents per share a year earlier while capital expenditures were $310 million, including $63 million in Superior Refinery rebuild capital.

Total equivalent production fell 7.8 per cent to 247,000 barrels of oil equivalent per day, from $268,000 a year earlier.

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