Husky Energy reports $2.3B fourth quarter loss

Husky Energy Inc. reported a loss of $2.34 billion in its latest quarter as it took asset impairment and other charges related to its long-term price assumptions and reductions in its long-term capital spending plans.

The company says the loss amounted to $2.34 per share for the quarter ended Dec. 31 compared with a profit of $216 million or 21 cents per share in the same quarter a year earlier.

Revenue, net of royalties, totalled $4.79 billion compared with $4.99 billion in the fourth quarter of 2018.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Sign up for breaking National newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Husky says non-cash asset impairments and other charges totalled $2.3 billion after tax in its most recent quarter primarily related to its upstream assets in North America, including its Sunrise project.

Other charges also included exploration-related write downs and asset de-recognition at its Lima Refinery following the completion of a crude oil flexibility project.

Funds from operations totalled $469 million or 47 cents per share for the quarter ended Dec. 31 compared with $583 million or 58 cents per share a year earlier.