Quarterly / Earnings Reports | Third Quarter (3Q) Update | Financial Results | Capital Markets

Husky Talks Q3 2017 Financial Results

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Husky Energy reported its Q3 2017 results.

Highlights:

• Funds from operations of $891 million, a year over year increase of 44 percent; reflects growing production from the Company’s thermal bitumen developments and Liwan Gas Project, as well as increased U.S. refining margins and record Downstream throughputs
• Free cash flow of $380 million, a year over year increase of 23 percent
  – Year to date free cash flow of $792 million
• Upstream operating costs of $14.12 per barrel of oil equivalent (boe), down from $15.15 per boe in the third quarter of 2016; thermal bitumen operating costs of $10.54 per barrel
• Net debt of $3.0 billion, representing about one times net debt to trailing funds from operations
• First sales production from the liquids-rich BD Gas Project offshore Indonesia; 38.3 million cubic feet per day (15.3 mmcf/day Husky working interest) with a quarterly realized gas price of $9.39 per thousand cubic feet (mcf)
• Strong performance from the Liwan Gas Project; average production of 344 mmcf/day (169 mmcf/day Husky working interest), contributing to an overall Asia Pacific operating netback of $61.81 per boe
• Agreement to acquire the 50,000 barrel per day Superior Refinery in the U.S. Midwest; transaction expected to close in the fourth quarter of 2017
• Record Downstream throughputs of 374,000 barrels per day (bbls/day), compared to 320,000 bbls/day in Q3 2016
  – Downstream EBITDA of $393 million, an increase of 68 percent over $234 million in the third quarter of 2016