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. lower natural gas prices in the quarter. heavy/light crude oil differentials and a lower income tax provision. “The first quarter of 2002 was significant for Husky. announced in March,” said John C.S. Lau, President & Chief Executive Officer.