Husky Energy Reports Strong Downstream Operations, but Stock Still Looks Fairly Valued
No-moat Husky Energy reported strong first-quarter results, highlighted by continued strong free cash flow. Husky reported free cash flow of CAD 895 million compared with CAD 661 million in the year-ago quarter. Increased free cash flow was driven by strong downstream margins at the company’s upgrader, which offset lower price realizations caused by the widening of the heavy oil discount. Results from U.S. Refining operations were disappointing with essentially flat refining margins from the yea...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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