Husky Energy Increases Production

Thursday, May 02, 2002
Husky Energy Inc. reported net earnings of $126 million ($0.29 per share) in the first quarter of 2002, compared with $192 million ($0.42 per share) in the same quarter of 2001. Cash flow from operations in the same period was $373 million ($0.87 per share), down from $620 million ($1.46 per share) in the first quarter of 2001. Results for 2001 have been restated to reflect the adoption of the recommendations of the Canadian Institute of Chartered Accountants on foreign currency translation. Net earnings in the first quarter of 2002 were down from the same period last year, reflecting lower natural gas prices in the quarter. Earnings were positively impacted by the narrowing of heavy/light crude oil differentials and a lower income tax provision. “The first quarter of 2002 was significant for Husky. Production from the Terra Nova oil field commenced in January and project sanction for the White Rose development project was announced in March,” said John C.S. Lau, President & Chief Executive Officer. “Husky Energy has entered into an era of large-scale projects that provides future growth for the Company. Husky will continue with its strategic growth and focus on financial discipline and earnings.” Terra Nova, the second oil field development in the Jeanne d’Arc Basin, off the east coast of Newfoundland and Labrador, commenced production in January and reached production rates of 125,000 barrels of oil per day. In 2002, the annual average production from Terra Nova is expected to add approximately 11,000 barrels of oil per day net to Husky. On March 28, 2002, Husky and its co-venturer announced their decision to proceed with the development of the White Rose oil field. White Rose will be the third oil field development in the Jeanne d’Arc Basin. “We are pleased to be in the position to move forward with the development of White Rose,” said Mr. Lau. “White Rose will contribute to Husky’s future production growth and will benefit the oil and gas industry in Canada and more particularly in Newfoundland and Labrador”. The Wenchang offshore development project is proceeding on schedule with the floating production storage and offloading (FPSO) vessel successfully completing commissioning and sea trials prior to moving onto location. Production from the Wenchang project is anticipated by the middle of this year, and is expected to add an annual average of approximately 8,000 barrels of oil per day to Husky’s production in 2002. Peak production is expected at 50,000 barrels of oil per day, 20,000 net to Husky.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

USCG Boatcrew Searching for Burglary Suspect

U.S. Coast Guard (USCG) search-and-rescue crews are currently searching for a burglary suspect in the vicinity of the Rickenbacker Causeway near Miami, Fla. Friday morning.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

China Appeals WTO Ruling on US Solar Panel Dispute

China has appealed against a WTO dispute panel report on anti-dumping duties applied on certain Chinese products by the United States, the World Trade Organization (WTO) said on Friday.

Finance

Sinopec's Profit up at 32.5 billion yuan in 1H, 2014

Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1377 sec (7 req/sec)