By Canadian Press

REVENUES FALL

Husky Energy reports $304 million loss in Q2 as revenues plunge

Jul 30, 2020 | 7:11 AM

CALGARY- Husky Energy swung to a $304 million net loss in the second quarter as revenues plunged nearly 55%.

The Calgary-based oil producer says it lost 31 cents per diluted share for the three months ended June 30, compared with net income of 36 cents per share or $370 million a year earlier.

Revenues were $2.38 billion, down from $5.24 billion in the second quarter of 2019.

Husky Energy was expected to lose 39 cents per share on $2.73 billion of revenues, according to financial markets data firm Refinitiv.

Funds from operations were $18 million or two cents per share, down from $802 million or 80 cents per share a year earlier while capital expenditures were $310 million, including $63 million in Superior Refinery rebuild capital.

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Total equivalent production fell 7.8% to 247,000 barrels of oil equivalent per day, from $268,000 a year earlier.

(The Canadian Press)