Husky Energy Inc. Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Capital Spending Guidance for the Year 2018
For the nine months, the company reported net earnings were CAD 1,241 million compared to CAD 114 million a year ago. Cash flow - operating activities was CAD 2,821 million compared to CAD 2,353 million a year ago. Funds from operations were CAD 3,421 million compared to CAD 2,292 million a year ago. Capital expenditures were CAD 2,313 million compared to CAD 1,475 million a year ago. Free cash flow was CAD 1,068 million compared to CAD 745 million a year ago. Funds from operations per common share Basic were CAD 3.40 compared to CAD 2.28 a year ago. Adjusted net earnings were CAD 1,287 million or CAD 1.28 basic per share compared to CAD 219 million or CAD 0.22 basic per share a year ago. Net debt was CAD 2,950 million. Net debt was CAD 2.6 billion compared to CAD 3.0 billion a year ago.
For the third quarter, the company announced total equivalent production of 297 mboe /day compared to 318 mboe /day a year ago. Crude oil and NGLs production was 210 mbbls /day compared to 224 mbbls /day a year ago. Natural gas production was 520 mmcf/day compared to 563 mmcf /day a year ago.
For the nine months, the company announced total equivalent production of 298 mboe /day compared to 324 mboe /day a year ago. Crude oil and NGLs production was 215 mbbls /day compared to 234 mbbls /day a year ago. Natural gas production was 497 mmcf/day compared to 541 mmcf /day a year ago.
The company expects to end the year with capital spending of approximately CAD 3.3 billion due to increased working interest in the 29-1 field and the additional drilling undertook in Western Canada.