Husky Rebounds With Strong 1Q; Stock Still Looks Undervalued
No-moat Husky Energy reported a strong first quarter that exceeded our and consensus expectations as a result of the company’s integrated operations. The company recorded EBITDA of CAD 1.047 billion compared with our estimates of CAD 948 million. The company’s cash flow from operations of CAD 959 million also exceeded our expectations of CAD 889 million. The better-than-expected performance was driven by higher-than-expected netbacks on the company’s upstream production and higher production lev...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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