husky q2
By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Original Timing/ Completion Status Lloyd Upgrader diesel capacity increase 6,000 →9,800 Q2 Deferred to Q3 Spruce Lake Central construction* 10,000 Q2 Complete Spruce Lake North construction* 10,000 ~YE Deferred Liuhua 29-1 (Husky W.I.) Cash flow from operating activities, which includes changes in non-cash working capital, was a loss of $10 million. Get a roundup of the most important and intriguing national stories delivered to your inbox every weekday. Total LHOVC thermal bitumen production averaged 82,300 bbls/day, compared to 97,700 bbls/day in Q2 2019. The forward-looking statements contained in this news release are forward-looking and not historical facts. Husky Energy racks up Q2 loss after oil slump Back to video. Chief executive Rob Peabody says Husky quickly adapted to the global market downturn by cutting capital spending and costs to reinforce its cash position. Read more: }, The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. Net earnings were a loss of $304 million. The Calgary, Alberta-based company recorded a net loss of $304 million (US$226.60 million), or 31 cents per share, for the second quarter ended June 30, from a year-ago profit of $370 million or 36 cents per share. Today we’re taking a look at a wide variety of Husky Tools from impact drivers, ratchets, and hammers, to on the go tool boxes and massive tool chests! Construction has resumed at the Superior Refinery in Wisconsin under strict health and safety protocols. Total equivalent production fell 7.8 per cent to 247,000 barrels of oil equivalent per day, from 268,000 a year earlier. Today's action reflects the limited impact on Husky, given its downstream integration, stable cash flow from offshore China and supportive shareholders. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. The average realized U.S. refining and marketing margin was $11.25 US per barrel of crude oil throughput, which included an unfavourable FIFO pre-tax inventory valuation adjustment of $2.34 US per barrel. This news release contains references to the terms “funds from operations”, “free cash flow”, “net debt”, “operating margin”, “sustaining capital”, “net debt to trailing funds from operations” and “refining and marketing margin”. Funds from operations equals cash flow – operating activities plus change in non-cash working capital. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. Work remains suspended on the West White Rose Project. "s": "INDEX:CDNC", ] }, "locale": "en", "plotLineColorFalling": "#FF4A68", Blended crude oil not processed through the Upgrader or Refinery averaged 86,600 bbls/day, compared to 100,700 bbls/day in Q2 2019. 9 HOLD. Husky Energy swings to $304 million loss in second quarter as revenues plunge. Husky continues to work on lowering operating costs and ongoing sustaining capital requirements. Please see the ratings tab on the issuer/entity page on for additional regulatory disclosures for each credit rating. As a result of positive market signals, the project commenced steaming in mid-June and first oil is expected later in the third quarter. "d": "TSX Energy" Capital expenditures and development activities have been reduced to minimum levels. CEO Rob Peabody, CFO Jeff Hart and other members of the senior executive team will participate in the call. Husky Energy gets help from Q2 tax relief but profit down from year earlier. If you don't see it please check your junk folder. Operating margin is presented to assist management and investors in analyzing operating performance of the Company in the stated period. "width": "100%", U.S. refinery throughput averaged 187,400 bbls/day, compared to 237,300 bbls/day in the year-ago period. Pseudonyms will no longer be permitted. MOODY'S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. Average sales for synthetic crude oil (SCO) and refined products were 78,800 bbls/day, compared to 84,100 bbls/day in the year-ago period. Read more about cookies here. Social Sharing © 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). Those assumptions and factors are based on information currently available to the Company about itself and the businesses in which it operates. Help us to improve EnergyNow, Give us your feedback, WHO’S NEXT? Unauthorized distribution, transmission or republication strictly prohibited. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. Sustaining capital does not have any standardized meaning and therefore should not be used to make comparisons to similar measures presented by other issuers. Economic ‘train wreck’ leaves Calgary-based Husky with $1.7B loss, prompts 90% dividend cut. Average SCO and refined products realized pricing was $44.44 per barrel, compared to $86.60 per barrel in the second quarter of 2019. Gross natural gas sales from the two producing fields at the Liwan Gas Project averaged 431 million cubic feet per day (mmcf/day), with associated liquids sales of 18,900 bbls/day (211 mmcf/day and 9,300 bbls/day Husky working interest). The Company has the flexibility to reduce annual capital spending to the range of $1.2-$1.4 billion in 2021, excluding Superior Refinery rebuild costs, while maintaining a strong production base and current downstream throughput capacity. Downstream throughput in the Integrated Corridor averaged 281,300 bbls/day, representing approximately 75% of overall capacity. Average throughput at the Lima Refinery was 130,000 bbls/day, reflecting the optimization of refinery runs to match product demand. Husky’s Integrated Corridor business is uniquely positioned to capture margin opportunities in volatile market conditions while balancing upstream production and refinery throughput with product demand in the Company’s key markets. Outside Canada and U.S.: 1-604-638-9010 Certain statements in this news release are forward-looking statements and information (collectively, “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). HOLD. Net debt to trailing funds from operations is considered to be a useful measure in assisting management and investors to evaluate the Company’s financial strength. { We encountered an issue signing you up. Husky Energy is a Canadian-based integrated energy company. Funds from operations dropped to $802 million or 80 cents per share from $1.21 billion or $1.20 per share. Comments are welcome while open. }, Free cash flow is a non-GAAP measure which should not be considered an alternative to, or more meaningful than, cash flow – operating activities as determined in accordance with IFRS, as an indicator of financial performance. $4.472. The ratings could be upgraded if production grows towards 400,000 boe/d (276,000 boe/d LTM Q2 2020), if RCF/debt appears likely to be sustainable above 50% (11% at LTM Q2 2020) and if the leveraged full-cycle ratio exceeds 1.5x (3.5x at LTM Q2 2020). Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. Overall upstream production was 246,500 barrels of oil equivalent per day (boe/day). "belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", "s": "FX_IDC:CADUSD", Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. Duration: Available until August 30, 2020 ] The term boe is used to express the sum of the total company products in one unit that can be used for comparisons. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. Husky said the average realized pricing for its blended crude oil fell to $24.36 per barrel from $67.82 last year. Construction of the 10,000 barrel-per-day Spruce Lake Central project was completed in the second quarter. Low $4.00. Husky's nearest debt maturities are in 2022 consisting of the C$500 million term facility and a US$500 million note. with respect to the business, operations and results of the Company generally: general strategic plans and growth strategies; potential capital spending range in 2021 while maintaining a strong production base and current downstream throughput capacity; and 2020 capital expenditure guidance ranges; with respect to the Lloydminster Heavy Oil Value Chain, the expected timing of first oil at Spruce Lake Central; with respect to U.S. { This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Please note that CBC does not endorse the opinions expressed in comments. In the Integrated Corridor, production averaged 175,400 boe/day, with approximately 50,000 barrels per day (bbls/day) of heavy oil shut in during the second quarter.


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