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Husky Energy cuts 2020 spending by USD1 bn

March 16/2020

MOSCOW (MRC) -- Husky Energy is taking a series of actions to fortify its business in response to challenging global market conditions, said the company.

These initiatives reflect the Companys commitment to capital discipline, which includes maintaining the strength of its balance sheet while protecting value in an extended low commodity price environment. Huskys drive to improve process and occupational safety is unaffected and remains a top priority.

"Husky has three important advantages: a strong balance sheet, an Integrated Corridor which includes a sizeable downstream and midstream segment, and Offshore operations that include long-term gas contracts in the Asia Pacific region not linked to the price of oil," said CEO Rob Peabody.

Given current market conditions Husky will commence the safe and orderly reduction, or shut-in, of production where it is cash negative on a variable cost basis at current prices.

As MRC informed earlier, Husky Energy continues to make steady progress towards a return to full operations at the Superior Refinery. The Company has received the required permit approvals to begin reconstruction activities at the site and work is expected to begin immediately. Demolition of damaged equipment resulting from a fire in April of 2018 is now largely complete and the rebuild will take place over the next two years with an expected return to full operations in 2021.

Total liquidity is USD4.9 billion, comprised of USD1.4 billion in cash and USD3.5 billion in unused credit facilities. In line with its committed credit facilities, Husky is required to maintain debt to capital of no more than 65%, and is well below this threshold with a ratio of 27% with no long-term debt maturities until 2022.
Author:Anna Larionova
Tags:elastotermoplast, thermoforming, Husky.
Category:General News
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