In February, Husky Energy Inc. (OTCPK:HUSKF) said it would make a decision about spinning off its Asian offshore operations by mid-year. That news came around the same time the firm announced it found more gas off China’s coast, its third discovery in the area.
After Wednesday’s disappointing second-quarter earnings ($266 million against $430 million a year earlier), the company still isn’t sure what it should do with the Chinese assets.
“We’re evaluating whether a spinoff and a separate listing of our Asian assets represent the best way to maximize value for shareholders,” chief executive officer Asim Ghosh said on a conference call Wednesday. The decision is now expected by the end of the year. (Bloomberg has more here.)
Mr. Ghosh has been in place for just two months. His predecessor, John Lau, announced his departure earlier this year and officially stepped down June 1 to take over Husky’s Asia-Pacific operations. Husky watches this market closely because the company’s biggest shareholder is Hong Kong billionaire Li Ka-Shing.