This report by The Canadian Press was first published Oct. 4, 2019. That means: Comments that violate our community guidelines will be removed.

The sale is part of Husky's plan to focus on a series of physically linked assets in Western Canada as well as its offshore oil and gas production off Canada's East Coast and in the Asia-Pacific region.
If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser. Welcome to The Globe and Mail’s comment community. Biden not alone in warning of 'dark winter'. This article was published more than 4 years ago. Andy Hunter, deputy managing director of Cheung Kong, said the deal with Husky offers predictable revenues and cash flow and fits with the company's expanding portfolio. 351 King Street East, Suite 1600, Toronto, ON Canada, M5A 0N1, Husky Energy’s Edam East heavy oil project begins steam operations, Husky lays off workers as it looks to further cut costs, Unchecking box will stop auto data updates, Due to technical reasons, we have temporarily removed commenting from our articles.

In the quarter, the company said production averaged 341,000 barrels of oil equivalent per day versus 356,000 barrels a year ago. NEW YORK, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Husky Energy… ", Husky CEO Rob Peabody added it's the "start of a new chapter.". Read our, I'm a print subscriber, link to my account, Avoid the use of toxic and offensive language. Raymond James Ltd. analyst Andrew Bradford said the additional leeway would give the company needed breathing room to manage the downturn. To cope, Precision and others have sought relaxed conditions from lenders on various debt obligations. © Copyright 2020 The Globe and Mail Inc. All rights reserved. "It is unique for the assets of two companies to complement each other this well," he said on a conference call on Sunday. Husky is controlled by Hong Kong billionaire Li Ka-Shing through Hutchison Whampoa Europe Investments SARL, with 40.1 per cent, and L.F. Investments SARL, which holds 29.32 per cent of the company's common shares. Its long-term debt stood at about $2.1-billion (Canadian) as of March 31. While the exact time of the Husky's origin is unclear, DNA tests prove that it is one of the oldest dog breeds. Both entities have agreed to support the transaction, which will leave them with about 27.2 per cent of the merged company. The merged company is expected to break-even on a free funds flow basis at West Texas Intermediate pricing of US$36 per barrel in 2021, and at less than WTI US$33 per barrel by 2023. Husky Considering Sale of Non-Core Downstream Assets CALGARY, Alberta, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) today announced it will undertake a strategic review and will potentially sell its Canadian retail and commercial fuels business and its Prince George Refinery. This is a space where subscribers can engage with each other and Globe staff. They've also agreed to a standstill agreement under which they are subject to certain voting requirements and transfer restrictions for a maximum of five years. "Still-elevated inventory levels, the return of some disrupted supply, further boosts to Saudi and Iranian supply, and increased non-OECD product exports all have the potential to move prices lower over the next several months, especially if broader macro sentiment shifts.". 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. Tidewater may also pay up to an additional $60 million over two years under certain contingencies. You need an active subscription to post a comment. Peabody said on the call that Husky has decided to cancel spending in 2021 on its partly completed $2.2-billion West White Rose offshore oil project.

The combined company will be better able to weather energy market volatility while generating more cash flow, reducing debt and cutting overall costs, said Cenovus CEO Alex Pourbaix, who will head the merged entity. Investigates Sale of HUSKF and Encourages Investors to Contact the Firm. Cenovus to buy Husky Energy for $3.8 billion in shares, CEO will be Alex Pourbaix - SooToday.com CALGARY — A surprise move by Cenovus Energy Inc. to buy rival Husky Energy … For drilling firms, that has meant job losses in the tens of thousands and a sharp reduction in pricing power owing to a glut of rigs and other unused equipment. The all-stock transaction was cast as a $23.6-billion deal by the Calgary-based companies by including the value of Cenovus and net debt, reported at the end of the second quarter as $8.2 billion for Cenovus and $5.1 billion for Husky.

The Company. COVID-19 Updates ; Operations. and Alberta to produce about 12,000 barrels per day of low-sulphur gasoline and diesel fuel. U.S. West Texas intermediate oil slipped 2.5 per cent in Monday trading to $42.64 a barrel, snapping gains that accumulated over the past three weeks.

Husky also has an upgrader and asphalt refinery near Lloydminster on the Alberta-Saskatchewan border — which could be used to process Cenovus bitumen in future — and is repairing a refinery in Wisconsin after a fire in 2018. Mushroom pickers find a Wild West in backwoods of rainforest, Sobering COVID-19 milestones reached by hardest hit Canadian provinces, Husky Energy gets help from Q2 tax relief but profit down from year earlier, 'We're deeply sorry:' Husky fined $3.8M for leak into North Saskatchewan River, Oil curtailment mistakes spawn costly Alberta rail plan, Husky execs say, Support award-winning independent journalism with The refinery uses crude oil and condensate from B.C. File photo by The Canadian Press/Jeff McIntosh.

October 29, 2020. "We're bringing together Cenovus's top-tier (steam-driven oilsands) assets at Foster Creek and Christina Lake with Husky's extensive refining and upgrading network. History: Despite common misconception, the Siberian Husky is not a descendent of the wolf.

Combined revenues from the segment plunged by more than half from the same period last year. Husky also said it could take legal action against China's CNOOC Ltd. over possible changes in the Guangdong gas market, which it said could lead to lower prices. About Husky. This is a space where subscribers can engage with each other and Globe staff. Cenovus owns 50 per cent of two U.S. refineries in Illinois and Texas in partnership with Phillips 66, and Husky owns a refinery in Lima, Ohio, and is a 50-50 partner with BP in a refinery in Toledo, Ohio.

The two Calgary-based companies say the refinery's employees will be retained after the deal closes. Responsibility. "When you combine two companies with similar geographies and somewhat similar operations, you're always going to have some overlap ... in this case, there would probably be relatively a little more weight on the head office functions, just because we aren't quite as overlapping in the field," he said.

Speaking to analysts, Mr. Neveu said rates for the company's well service, coil tubing, as well as its camp and catering divisions, had fallen to unsustainable levels. Some information in it may no longer be current. Bragar Eagel & Squire, GlobeNewswire • October 26, 2020. Husky Energy Inc. has struck a deal to sell oil and gas processing assets for $1.7-billion as the company seeks cash to weather the collapse in oil prices. Cenovus owns a crude-by-rail terminal northeast of Edmonton. Energy Driven. Read our 2020 ESG Report. Energy Level: High Coat: Thick and medium-length Shedding: Heavy Hypoallergenic: No. This report by The Canadian Press was first published Oct. 25, 2020.
Husky Energy is a Canadian-based integrated energy company. He praised the "very good" business environment in Canada and said the firm is not done shopping for assets. That's bad news for Calgary office workers as about $400 million of the savings are expected to come from "workforce optimization," along with savings from IT and procurement, said Pourbaix, though he did not explicitly say there would be job losses. The sale comes as Calgary-based Husky, controlled by Hong Kong billionaire Li Ka-shing, reported a net loss for the first quarter of $458-million. In September, it said it was reviewing the project while asking for direct investment from the federal government and the province of Newfoundland and Labrador.

Readers can also interact with The Globe on Facebook and Twitter . your subscription today. 2020 Third Quarter Results. Combining the companies will create annual savings of $1.2 billion, largely achieved within the first year and independent of commodity prices, the companies said. Under a new limited partnership, Hong Kong-based Cheung Kong Infrastructure Holdings will hold 16.25 per cent and Power Assets Holdings Ltd. will own 48.75 per cent. Husky said Friday that it continues to conduct a strategic review of its retail and commercial fuels businesses. The domestic energy industry is grappling with the massive dislocation caused by oil's free fall from more than $100 a barrel in mid-2014. We hope to have this fixed soon.

CEO Kevin Neveu said the company could gradually redeploy idled rigs as prices start to rebound, even as he warned that a recovery is likely still "several quarters" away.


Clairo Immunity Rating, Maloof Family, Souq Haraj Furniture, 1968 Dodge Dart For Sale By Owner, New Baby Boy Images, The Witmans Documentary, J Chad 680 The Fan, Raiders Vs Broncos Score, Adrienne Maloof Family, How Many Nrl Teams Are There, Milwaukee Weekly Weather, Ucl Freight, Flights To Isle Of Man From London, Bee Hotel: Instructions, History Of Indoor Soccer, Rock Irish Musicians, For One And All Sofia The First Lyrics, Toulouse Fc Table, Toulouse Fc Table, Peaky Blinders Tokyo Gif,