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Friday, Aug 7th, 2020

Oil crash sends Husky Energy to second-quarter loss

Husky Energy Inc on Thursday posted a quarterly loss as the COVID-19 pandemic caused crude oil prices to crash and sapped global demand for fuel.

Crude prices also weakened after top producers, Saudi Arabia and Russia, decided to flood the market with oil earlier this year.

The company said quarterly production fell nearly 8 per cent to 247,000 barrels of oil equivalent per day (boepd) as Husky shut-in production to help cope up with the fall in crude prices.

Husky said the average realized pricing for its blended crude oil fell to $24.36 per barrel from $67.82 last year.

Its U.S. refinery throughput averaged 187,400 barrels per day (bpd), down from 237,300 bpd.

The Calgary-based company recorded a net loss of $304 million, or 31 cents per share, for the second quarter ended June 30, from a year-ago profit of $370 million or 36 cents per share.

Source: Reuters | This text was excerpted from the media outlet cited on July 30, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.