Husky Energy reports $71-million Q1 profit boosted by commodity prices

The Husky Energy upgrader facility in Lloydminster, Saskatchewan. Larry MacDougal / The Canadian Press Images

Husky Energy Inc. says it earned $71 million in its latest quarter compared with a loss a year ago, as its results this year were boosted by higher commodity prices and improved refining margins.

The Calgary-based energy company says its profit amounted to six cents per share for the quarter ended March 31 compared with a loss of $458 million or 47 cents per share a year ago.

Gross revenue in what was the company’s first quarter totalled $4.58 billion, up from $2.68 billion a year ago.

The improved earnings came as Husky realized $41.58 per barrel on an oil-equivalent basis on average during the quarter, up from $25.02 a year ago.

Average realized U.S. refining margins amounted to US$8.33 per barrel compared with US$3.76 in the same quarter last year.

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Production in the quarter averaged 334,000 oil-equivalent barrels per day, down from 341,000 boepd a year ago, due to some asset sales last year, offset by growing thermal production and increased volumes from its Liwan Gas Project.

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