Husky Energy Increases Net Earnings 135% In 2011 As Production Grows 9%
February 10, 2012
Calgary, AB (Marketwire) – Husky Energy Inc. (TSX:HSE) recorded a 135 percent increase in net earnings and a 69 percent increase in cash flow from operations in 2011, driven by strong production growth, higher realized crude oil prices and improved upgrading and refining margins. Production for the year was at the high end of guidance at an average of 312,500 barrels of oil equivalent per day (boe/day), compared to 287,100 boe/day in 2010.
Results in the fourth quarter contributed to the momentum, with net earnings increasing 194 percent compared to the same period a year ago, as production grew 14 percent. Production in the fourth quarter averaged 318,900 boe/day.
“The positive results in the fourth quarter capped a solid year of performance for the Company,” said CEO Asim Ghosh. “We were able to capitalize on improved crude oil prices and refining margins by increasing production and by maintaining high operational performance in our upgrading and refining facilities.”