Refining, Lloydminster Heavy Oil Value Chain, Oil Sands and Atlantic segments. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and the Companys course of action would depend upon managements assessment of the future considering all information available to it at the relevant time. Average SCO and refined products realized pricing was $64.13 per barrel, down from $73.83 per barrel in the same period in 2019. Readers are cautioned that the term boe may be misleading, particularly if used in isolation. First quarter production averaged 54,000 bbls/day (27,000 bbls/day Husky working interest). Trisakti University. Refining, Lloydminster Heavy Oil Value Chain and Oil Sands segments. The company says its plans to save an additional $100-million include a reduction in well-servicing activities on uneconomic production, and a halt in exploration activity. Blended crude oil sales averaged 107,900 bbls/day, up from 88,600 bbls/day in Q1 2019. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Canada's oil and gas sector has been hammered by a double whammy this week — an oil price war between Russia and Saudi Arabia, and growing concerns about the spread of the novel coronavirus. In 2014, Husky achieved first production at the Liwan Gas Project, located offshore China in the South China Sea. These individuals or organizations posing as Husky may ask for money, ID, passport, or other personal contact information. Suppliers. Husky is also looking outside the country for savings, deferring development of an oil exploration block in offshore China and a natural gas block in Indonesia.
"We will always manage our workforce in accordance with our business plans and activities, and will continue to do so," spokeswoman Kim Guttormson said in a statement. Some of the forward-looking statements may be identified by statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, is targeting, estimated, intend, plan, projection, could, aim, vision, goals, objective, target, scheduled and outlook). Operating costs were $5.64 per boe, with an operating margin of $72.92 per boe. This compared to $18.65 US per barrel a year ago, which included a favourable FIFO pre-tax inventory valuation adjustment of $3.91 US per barrel.
Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. West White Rose Project Major construction activities related to the West White Rose Project have been suspended due to COVID-19. Husky continues to prioritize its balance sheet, supported by significant liquidity. Refining, Lloydminster Heavy Oil Value Chain, Oil Sands and Atlantic segments. These were primarily related to the Companys upstream assets in North America and were largely due to lower crude oil price assumptions. At the end of the quarter, net debt was $4.6 billion and total liquidity was $4.7 billion, comprised of $1.3 billion in cash and $3.4 billion in available credit facilities. The list of companies cutting spending in wake of plunging crude prices continues to grow, with Husky Energy announcing a $1-billion reduction in this year's spending. Realized gas pricing from BD was $10.05 per … By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Net earnings were a loss of $1.7 billion; including impairments of $1.1 billion (after tax) primarily related to lower crude oil price assumptions, as well as an inventory realizable value write-down of $274 million (after tax) primarily in the U.S. Total Lloydminster Heavy Oil Value Chain thermal bitumen production averaged 111,000 bbls/day compared to 108,000 bbls/day in Q1 2019. Unless otherwise indicated: (i) projected and historical production volumes provided are gross, which represents the total or the Companys working interest share, as applicable, before deduction of royalties; and (ii) all Husky working interest production volumes quoted are before deduction of royalties. Husky Energy slashes spending by $1 billion, CBC's Journalistic Standards and Practices. Husky Energy’s hiring process includes an interview with a Husky employee before any offer is made. Indonesia Husky Injection Molding Systems Singapore Pte. Capital spending was $612 million, including $43 million in Superior Refinery rebuild capital; primarily directed towards construction of two 10,000 barrel-per-day Spruce Lake thermal bitumen projects in Saskatchewan, the Liuhua 29-1 field offshore China and the West White Rose Project in the Atlantic region. Realized gas pricing at Liwan was $14.93 per thousand cubic feet (mcf), with liquids pricing of $60.62 per barrel. It will now focus on getting the most from existing production and lowering costs. Target production is 45 mmcf/day of gas and 1,800 bbls/day of liquids when fully ramped up, reflecting Huskys 75% working interest plus exploration cost recovery volumes. Husky said it will also take an additional $100 million in "cost-saving measures" due to "current market conditions.". Net debt to trailing funds from operations is a non-GAAP measure that equals net debt divided by the 12-month trailing funds from operations as at March 31, 2020. Inventory write-downs to net realizable value totalled $274 million (after tax), also reflected in the U.S. Downstream throughput in the Integrated Corridor averaged 307,800 bbls/day. Analysts said earlier in the week they would expect companies to cut capital spending and production in response to plunging oil prices. Husky Energy.
Husky is also looking outside the country for savings, deferring development of an oil exploration block in offshore China and a natural gas block in Indonesia. Asia Pacifc Live - Employees have the opportunity to live in Shenzhen, China, Hong Kong, Taipei, Taiwan or Jakarta, Indonesia. The company did not say whether there would be layoffs as a result. Operating costs were $33.49 per boe, which were elevated by the Terra Nova shutdown and the operating margin was $19.69 per boe. The following table shows the reconciliation of net debt as at the dates indicated: Operating margin is a non-GAAP measure which should not be considered an alternative to, or more meaningful than, revenue, net of royalties as determined in accordance with IFRS, as an indicator of financial performance. Startup will be dependent on improved pricing conditions. Ltd. Indonesia Representative Office Menara DEA, 15th Floor Suite 1502 Kawasan Mega Kuningan JL. No further capital expenditures are planned in 2020.
Investor and Media Inquiries: Leo Villegas, Senior Manager, Investor Relations403-513-7817, Kim Guttormson, Manager, Communication Services 403-298-7088. Husky Energy is an integrated energy and energy-related company that ranks among Canada's largest petroleum companies in terms of production and the value of its asset base. New factors emerge from time to time and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on the Companys business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Maintenance work at Sunrise will proceed where necessary and safe to do so. The Companys Annual Information Form for the year ended December 31, 2019, Managements Discussion and Analysis for the three months ended March 31, 2020 and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com and the EDGAR website www.sec.gov) describe some of the risks, material assumptions and other factors that could influence actual results and are incorporated herein by reference.
This includes the deep physical integration of its upstream, midstream and downstream assets in the Integrated Corridor business, and long-term contracts in Asia. Severe pricing headwinds, amplified by geopolitical events, COVID-19 and the associated collapse of global oil and refined product demand, impacted our first quarter results, said CEO Rob Peabody.
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