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Husky Energy reports $328M first quarter profit, up from $249M a year ago

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

Husky Energy Inc. says it earned $328 million in its latest quarter, up from $248 million a year ago.

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The company says the profit amounted to 32 cents per share for the three months ended March 31 compared with a profit of 24 cents per share a year earlier.

READ MORE: Husky Energy trims 2019 capital budget by $300M, criticizes Alberta oil curtailment plan

Production in the quarter averaged 285,200 barrels of oil equivalent per day, down from 300,400 in the same quarter last year.

Husky says the decline came due to the mandated Alberta government production cuts and the ramp-up of operations at the White Rose field off the coast of Newfoundland, where production resumed at the end of January after an oil spill that suspended operations.

READ MORE: Husky Energy reports $216M fourth quarter profit, down from last year

Production in the Atlantic region averaged 7,600 barrels per day compared with 28,400 a year ago.

Husky says its average realized price was $47.20 per barrel of oil equivalent, up from $40.87 in the year-ago period.

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