Husky reports sixfold increase in quarterly earnings

By an OGJ Online Correspondent

CALGARY, May 1 -- Husky Energy Inc. reports a sixfold increase in first quarter 2001 earnings to $242 million (Can.) compared with $39 million in first quarter 2000.

The company said first-quarter cash flow increased to $620 million from $191 million in first quarter 2000.

Husky attributed the increases to higher commodity prices; increased production volumes, including the August 2000 acquisition of Renaissance Energy; and improved margins from midstream and downstream business, including heavy oil upgrading.

Production in the first quarter was 269,700 boe/d, up 112% over first quarter 2000.

The company reported the tender process for the floating production, storage, and offloading topsides unit for its White Rose oil development off Nova Scotia moved into the final phase in the first quarter to define lump-sum costs for internationally competitive topsides.

It said the first phase of the topsides biding was encouraging in terms of the potential to meet target project costs on a fixed-price basis.

Husky said development work is progressing on schedule for at Wenchang oil field off China with overall work more than 50% complete, including completion of 80% of development wells.

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