Husky Energy Inc. (TSE:HSE), Canada's third-largest integrated oil producer, rose to the highest in two weeks after posting a bigger-than-expected 24 percent rise in first-quarter profit, boosted by stronger prices for its crude oil, natural gas liquids and bitumen.
Husky increased to C$36.45, the highest intraday price since April 23, and was trading at C$36.07, up 1.6 percent, at 2:27 p.m. in Toronto.
Net income rose to C$662 million, or 66 Canadian cents per share, in the three months ended March 31, from C$535 million, or 54 Canadian cents per share, in the year-earlier period, the Calgary, Alberta-based company said in a statement today.
Stripping out one-time items, the company earned 73 Canadian cents per share, above analysts' average estimate of 62 Canadian cents per share, according to Thomson Reuters.
Average realized pricing in the March quarter rose to $87.32 per barrel from $68.32 a year earlier.
The company, controlled by Hong Kong billionaire Li Ka-shing, said cash flow, a measure of its ability to pay for new projects, jumped 20 percent to C$1.5 billion.
Upstream production averaged 326,000 barrels of oil equivalent per day in the first quarter, up from 321,000 boe/d a year earlier.
The company ascribed the rise to startup of the 3,500-barrel-per-day Sandall heavy oil thermal development in Saskatchewan.
"We are consistently hitting our marks as we monetize our extensive portfolio of high-return, long-life projects," Chief Executive Officer Asim Ghosh said in the statement.
Husky produces oil and natural gas in Canada and southeast Asia. It owns all or part of four refineries in North America and operates a heavy oil upgrader in Lloydminster, Saskatchewan.
Husky started operations at its 40-per cent owned Liwan natural gas project off the coast of southern China at the end of March and said today it began selling gas from the field towards the end of last month.
The board declared a quarterly dividend of 30 Canadian cents per common share, payable on July 2 to shareholders of record at the close of business on June 5.
Reported by Proactive Investors 40 minutes ago.
Husky increased to C$36.45, the highest intraday price since April 23, and was trading at C$36.07, up 1.6 percent, at 2:27 p.m. in Toronto.
Net income rose to C$662 million, or 66 Canadian cents per share, in the three months ended March 31, from C$535 million, or 54 Canadian cents per share, in the year-earlier period, the Calgary, Alberta-based company said in a statement today.
Stripping out one-time items, the company earned 73 Canadian cents per share, above analysts' average estimate of 62 Canadian cents per share, according to Thomson Reuters.
Average realized pricing in the March quarter rose to $87.32 per barrel from $68.32 a year earlier.
The company, controlled by Hong Kong billionaire Li Ka-shing, said cash flow, a measure of its ability to pay for new projects, jumped 20 percent to C$1.5 billion.
Upstream production averaged 326,000 barrels of oil equivalent per day in the first quarter, up from 321,000 boe/d a year earlier.
The company ascribed the rise to startup of the 3,500-barrel-per-day Sandall heavy oil thermal development in Saskatchewan.
"We are consistently hitting our marks as we monetize our extensive portfolio of high-return, long-life projects," Chief Executive Officer Asim Ghosh said in the statement.
Husky produces oil and natural gas in Canada and southeast Asia. It owns all or part of four refineries in North America and operates a heavy oil upgrader in Lloydminster, Saskatchewan.
Husky started operations at its 40-per cent owned Liwan natural gas project off the coast of southern China at the end of March and said today it began selling gas from the field towards the end of last month.
The board declared a quarterly dividend of 30 Canadian cents per common share, payable on July 2 to shareholders of record at the close of business on June 5.
Reported by Proactive Investors 40 minutes ago.