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Husky Sees Production Decline in 2Q; $196MM Loss
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Husky Energy made steady progress in the quarter against several objectives, including strengthening its balance sheet and further improving the quality of its production.
CEO Asim Ghosh said: "This is a milestone moment for the Company, as the elements of the transformation initiated six years ago are now largely in place. We have fortified our balance sheet, reduced our earnings break-even oil price and lowered our sustaining and maintenance capital requirements.
"In short, we are now a highly resilient business better positioned to generate free cash flow even in a lower for longer oil price environment."
Key Points: Average Upstream production in the quarter was about 316,000 boe/day (down from 341,000 boe/day in 1Q16) Net earnings were a loss of $196 million Area Summary Heavy…- ✓ Full news archive — U.S., Canada & international coverage
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