N.L. Natural Resouces Minister Siobhan Coady warns that as each week passes, companies are closing and jobs are being lost.

Husky slashed its dividend as it reported a $1.7-billion loss in its first quarter due to impairment charges related to the plunge in crude oil prices as a result of the COVID-19 pandemic.

Husky is cutting spending this year by $1 billion in the wake of the downturn in the global energy market.

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.

The deadline has been in place for years, but the change is still expected to wallop prices for heavy oil containing high levels of sulphur, such as raw bitumen from the Alberta oilsands.

About 370 jobs have been cut at Husky Energy this year with most of the reductions coming in a major round of layoffs in October, CEO Rob Peabody revealed Monday.

The CEO of Calgary-based Husky Energy says social media speculation that layoffs put in place the morning after the federal election this week were in reaction to political events are just "B.S."

Husky officials confirmed on Tuesday the energy company let go an undetermined amount of workers.

The largest pension fund in Norway has removed four Canadian energy names from its investment list and says it will no longer put money in companies that derive more than five per cent of their revenue from the oilsands.

Husky Energy Inc. has agreed to sell its light oil refinery in Prince George, B.C., for $215 million in cash plus adjustments to Tidewater Midstream and Infrastructure Ltd.