Best Idea Update: Husky's 4Q Results Exceed Our Expectations
Husky Energy’s fourth-quarter results largely exceeded our expectations. The company reported fourth-quarter production volumes of 327 thousand barrels of oil equivalent per day, compared with 357 mboe/d in the year-ago period. Production was below our expectation of 355 mboe/d as a result of higher-than-expected natural declines and planned turnaround maintenance activities. Husky reduced operating costs to under CAD 14 a barrel, down 4% from the prior-year period. Lower costs can be attributed...Husky Energy is engaged in the exploration, development and production of oil and natural gas. Co.'s operations are located in Canada and United States. As of Dec. 31, 2011, Co. had total proved oil and natural gas reserves of 1,172.4 million barrels of oil equivalent (Mmboe) gross (1,010.7 Mmboe net).
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