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 by Daniel J. Graeber Washington (UPI) Apr 5, 2018
While announcing that its chief financial officer has resigned, Canadian energy company Husky said it was committed to low-cost growth in production. Husky Energy announced that Chief Financial Officer Jon McKenzie has resigned, effective Thursday. CEO Rob Peabody said the company was still committed to its targets for the year. "We are returning cash to shareholders and maintaining a strong balance sheet," Peabody said in a statement. "We continue to invest in low-cost production growth, with our integrated operations adding consistent value." Husky reported net earnings for the fourth quarter at $526 million, up from the $106 million in the third quarter. The company said fourth quarter earnings were supported by changes in the federal U.S. tax rate for corporations. Comparing third quarter results, earnings were down 90 percent year-over-year in 2017. The company reported total production for the three months ending Dec. 31 of 320 million barrels of oil equivalent per day, a slight improvement from the third quarter, but a bit lower than the 323 million barrels of oil equivalent per day from fourth quarter 2016. Spending for 2018 could be less than forecast in the previous five-year plan. The company's operating cost, meanwhile, is about 18 percent lower than it was three years ago and Husky said last year it would break even in terms of cash flow so long as the price for West Texas Intermediate, the U.S. benchmark for the price of oil, holds above $32 per barrel. An update on its five-year plan is schedule for May 29. A new CFO will be appointed "in due course," the company said.
Norway's DNO builds North Sea position Washington (UPI) Apr 4, 2018 Norwegian energy company DNO, which has focused on Iraq, said it paid nearly $100 million to take a stake in a petroleum company working in the North Sea. DNO stated Wednesday that it acquired a 15.4 percent stake in Faroe Petroleum from Delek Group Ltd., an Israeli conglomerate, for $99 million. Faroe, which focuses on production in British and Norwegian waters, ended last year with proved plus probable reserves of 97.7 million barrels of oil equivalent and a daily production average of 14,349 ... read more
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