Canada’s Husky Energy has managed to reduce its second quarter net loss, posting a loss of $93 million, compared to a loss of $196 million in the second quarter of 2016.
Average Upstream production was 320,000 barrels of oil equivalent per day (boe/day), compared to 316,000 boe/day in the second quarter of 2016. This takes into account approximately 34,500 boe/day of asset sales in Western Canada over the same period – including approximately 2,600 boe/day during the second quarter – which has been more than replaced by thermal bitumen production growth.
Husky (TSX:HSE) generated funds from operations of $715 million in the second quarter, leading to free cash flow of $135 million.
“Despite a challenging oil price environment and planned turnarounds at the Lloydminster Upgrader and asphalt refinery, we increased funds from operations and realized another quarter of positive free cash flow,” said CEO Rob Peabody.
“At the same time, investments to improve margin capture along our Integrated Corridor and high-netback natural gas and oil production in our Offshore business continue to mitigate our exposure to price differentials and increase our netbacks from each boe we produce. We are continuing to invest in a deep portfolio of projects that will further reduce our break-even point.”