Husky Energy Inc.OTCPK - Current
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  • Fri, Sep. 16, 3:22 PM
    • Alberta's provincial government approves three oil sands projects - Husky Energy’s (OTCPK:HUSKF) Saleski project, BlackPearl Resources' (OTCPK:BLKPF) Blackrod project, and Surmont Energy’s Wildwood project - that it says represent ~C$4B (US$3B) of potential investments.
    • This approval does not necessarily mean the projects will go ahead, but they are the first since the introduction of the greenhouse gas cap requirement which is part of Alberta’s Climate Leadership Plan.
    • Husky's Saleski is a 3K bbl/day pilot project that has not yet been sanctioned by the company, BlackPearl's Blackrod features 180M barrels of proven and probable reserves, and the first phase of Surmont Wildwood would produce 12K bbl/day of heavy crude.
    | Fri, Sep. 16, 3:22 PM | 1 Comment
  • Tue, Aug. 16, 9:57 AM
    • Prince Albert, Sask., says it received a $5M "good faith" payment from Husky Energy (OTCPK:HUSKF) to help cover costs and indirect losses after it was forced to close its water intakes following last month's oil spill on the North Saskatchewan River.
    • The city was left scrambling to find other water sources and footed the bill for two temporary water lines to serve residents.
    • It is not known when Prince Albert, along with the cities of North Battleford and Melfort, will be able to start taking water from the river again.
    | Tue, Aug. 16, 9:57 AM
  • Wed, Aug. 3, 8:58 AM
    • Husky Energy (OTCPK:HUSKF) agrees to a reduced price for the natural gas it extracts offshore China and sells to Cnooc (NYSE:CEO), ending an escalating dispute.
    • Husky says gas prices paid from the Liwan gas project will be adjusted lower to C$12.50-C$15/Mcf, in a new contract that is back-dated to take effect in November 2015.
    • The revised price range is lower than the C$11-C$13 Husky was guaranteed under a previous contract, but is higher than some analyst scenarios assuming Liwan gas prices could be reduced as low as C$5.
    • Husky and Cnooc also agree to begin extracting natural gas from the nearby Liuhua field that would add 80M cf of production to the Liwan project, which now produces 300M-330M cf/day.
    | Wed, Aug. 3, 8:58 AM | 4 Comments
  • Mon, Jul. 25, 2:38 PM
    • Authorities say they have recovered at least 40% of the ~1,500 barrels of oil that leaked into the North Saskatchewan River last week from a Husky Energy (OTCPK:HUSKF -1.9%) pipeline, but the spill is still moving downstream and threatening the drinking water of riverside communities
    • The city of Prince Albert is the second Saskatchewan city to shut down the intake at its water treatment plant, and its city council is meeting today to discuss drastic water conservation measures; the city of North Battleford shut off its water supply intakes on Friday.
    • The pipeline that leaked near Maidstone, Sask., last Thursday runs from Husky’s heavy oil operations to its facilities in Lloydminster and carries oil mixed with diluent.
    | Mon, Jul. 25, 2:38 PM | 1 Comment
  • Fri, Jul. 22, 12:17 PM
    • Husky Energy (OTCPK:HUSKF +0.9%) is higher after reporting a Q2 loss that was smaller than its Q1 result, as it says it fortified its balance sheet, reduced its earnings breakeven oil price and lowered its sustaining and maintenance capital requirements during the quarter.
    • Husky says its Q2 production fell 6% to 316K boe/day, as the Alberta wildfires in May forced the shutdown of the Sunrise oil sands operation; it maintains its 2016 production guidance of 315K-345K boe/day, but expects it will be at the low end of the range.
    • Meanwhile, Husky has shut down a pipeline that spilled ~1,500 barrels of heavy crude mixed with a thinning agent into the North Saskatchewan River.
    | Fri, Jul. 22, 12:17 PM
  • Fri, Jul. 22, 8:07 AM
    | Fri, Jul. 22, 8:07 AM
  • Tue, Jul. 19, 3:23 PM
    • Husky Energy (OTCPK:HUSKF -1.3%) could be in a position to reinstate its dividend in late 2016 or early 2017 and is in talks to sell another $200M in core assets, according analysts at CIBC.
    • The firm thinks Husky could reinstate its dividend even if negotiations with Cnooc break down amid a dispute between the two companies over natural gas contracts.
    • CIBC says Husky shares are "cheap as chips and could offer some near-term outperformance," as it maintains its $19 stock price target.
    | Tue, Jul. 19, 3:23 PM
  • Wed, Jul. 13, 2:47 PM
    • Murphy Oil (MUR -0.5%) is upgraded to Overweight from Equal Weight with a $42 price target, raised from $33, at Barclays, which says the global oil market is in the midst of a "continued upward trajectory" in which Brent could average $85/bbl by Q4 2017 and $80-$90 during 2018-21.
    • Barclays believes the risks associated with MUR already are well known and have been priced in by the market, and says shares continue to trade at a significant discount to net asset value and relative to other large cap E&P names even after rising 42% YTD.
    • On a risk-adjusted basis, the firm says ConocoPhillips (COP -2.8%) and Husky Energy (OTCPK:HUSKF -2.1%) offer the best value over the next 12 months, while Petrobras (PBR -2.3%) and Exxon Mobil (XOM -0.4%) offer the least.
    | Wed, Jul. 13, 2:47 PM | 13 Comments
  • Tue, Jul. 12, 9:45 AM
    • Alberta introduced two new oil and gas royalty programs yesterday that the provincial government says will encourage producers to explore new areas, boost production and keep people working.
    • The Emerging Resources Program will apply to wells being drilled in the early stages of development, and allows producers to pay a flat 5% royalty rate, while the Enhanced Hydrocarbon Recovery Program is aimed at boosting production from aging wells.
    • Alberta’s NDP government within only a year has gone from threatening to increase oil and gas royalties to having to provide royalty incentives to stimulate drilling activity, Financial Post's Claudia Cattaneo writes.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jul. 12, 9:45 AM | 30 Comments
  • Thu, Jun. 30, 1:13 PM
    • Canadian oil and gas companies say they are not worried about the new North America-wide energy and climate change strategy announced yesterday by Canadian PM Trudeau, U.S. Pres. Obama and Mexican Pres. Nieto, which includes reducing methane gas emissions from the oil and gas industry by 40%-45%.
    • The Canadian Association of Petroleum Producers says “having our competitors held to a similar standard is going to be good for all of us," since Canadian producers already are under pressure to cut methane emissions and pay carbon levies.
    • TransCanada (NYSE:TRP) says it welcomed the agreement and cited its growing natural gas pipeline business in Mexico and its acquisition of Columbia Pipelines in the U.S. as evidence of the need for an interconnected energy system.
    • The pact would force the three countries to add renewables, nuclear projects or carbon capture and storage projects on coal-fired power plants that would raise the total to 50% from the current 37%.
    • Among other relevant tickers: SU, ECA, ENB, CVE, CNQ, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Thu, Jun. 30, 1:13 PM | 33 Comments
  • Tue, Jun. 28, 11:58 AM
    • A Canadian government study yields a surprising result about what happens to oil sands crude in a freshwater spill: it floats, at least for a while, sinking more slowly than conventional oil, unless exposed to high temperatures and weathering.
    • The results may help dispel some concern that a spill of diluted bitumen would be more difficult to clean up, and help companies make the case for pipeline projects such as Kinder Morgan’s (KMI +0.9%) Trans Mountain expansion and Enbridge’s (ENB -0.1%) Northern Gateway pipeline.
    • The study follows a 2015 report by the U.S. National Academy of Science that showed diluted bitumen tended to sink quickly after being spilled in fresh water.
    • Among other relevant tickers: SU, ECA, CVE, CNQ, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jun. 28, 11:58 AM | 62 Comments
  • Wed, Jun. 22, 10:36 AM
    • Alberta's tougher rules in determining if companies are financially strong enough to buy oil and gas assets could chill M&A activity in the province, energy industry players warn.
    • The Alberta Energy Regulator announced Monday that companies seeking to buy oil and gas properties will need to show their deemed assets exceed their deemed liabilities by 2x or more after the purchase, after deemed assets previously needed only to be equal to deemed liabilities.
    • More than 200 companies that met the prior standard were ruled out as buyers by the stricter financial solvency test, a move that Industry reps say will limit the number of companies allowed to buy oil and gas assets.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Wed, Jun. 22, 10:36 AM | 32 Comments
  • Fri, Jun. 10, 8:05 AM
    • Statoil (NYSE:STO) -1.9% premarket after saying that a 19-month drilling campaign had found that the size of the Bay du Nord discovery off Newfoundland could be at the lower end of a previous estimate.
    • STO says its nine-well drilling campaign confirmed that Bay du Nord's volumes likely are within the 2013 estimate of 300M-600M boe; the company kept the range, but says the recoverable volumes potentially are at the lower end and that it is assessing whether the field is commercial
    • STO has a 65% stake in Bay du Nord, while partner Husky Energy (OTCPK:HUSKF) owns 35%.
    | Fri, Jun. 10, 8:05 AM | 3 Comments
  • Wed, Jun. 1, 11:49 AM
    | Wed, Jun. 1, 11:49 AM
  • Wed, Jun. 1, 10:46 AM
    • Husky Energy (OTCPK:HUSKF +0.1%) says it expects to generate free cash flow and may reinstate a cash dividend, as crude oil prices have rallied in recent weeks.
    • Husky says it could generate ~C$800M ($611.5M) in free cash flow if oil rises to $50/bbl from $40 on an annualized basis.
    • The Canadian oil producer says it is on track to complete eight projects by year-end 2016, which are expected to contribute nearly 90K bbl/day of new production.
    • Husky also says it expects to achieve its target of ~2x net debt-to-cash flow from operations.
    | Wed, Jun. 1, 10:46 AM
  • Tue, May 31, 11:07 AM
    • Suncor Energy (SU +0.7%) is expected to suffer the biggest impact from Alberta's wildfires, as the shutdown and evacuation of its operations between Fort McMurray and Fort MacKay - which were producing 300K bbl/day of oil before the fires - will cut $928M, or 20%, from the company’s operating cash flows this year, according to RBC Capital.
    • RBC foresees a “commensurate” impact on SU’s balance sheet, as the company is expected to draw on its $3.1B of cash and cash equivalents or $6.7B of available credit during the outage and re-start.
    • The firm estimates that by the time production resumes, SU’s facilities will have been shut down for 35 days and Syncrude’s facilities will have been shut down for 40 days.
    • Husky Energy (OTCPK:HUSKF -1.1%) and Imperial Oil (IMO -0.6%) are not yet providing updates on when output would resume at their respective 60K bbl/day Sunrise and 220K bbl/day Kearl projects.
    • Now read Suncor bringing Alberta oil sands back on line
    | Tue, May 31, 11:07 AM | 4 Comments