Husky’s first quarter profit rises to US$575mil
Husky Energy Inc, a Canadian oil company controlled by Hong Kong billionaire Li Ka-shing, said
first-quarter net income rose 24% to C$650mil (US$575mil) on stronger production.
Per-share profit increased to C$1.53 from C$1.24 a year, the Calgary-based company said yesterday in a statement. Revenue after royalty climbed 4.5% to C$3.24bil.
Chief executive officer John Lau is boosting production from Alberta's oil sands and fields in eastern Canada. Husky in April won government approval to raise output by more than a third at its White Rose field offshore Newfoundland and in late 2006 started pumping oil at its Tucker oil sands development.
Husky expects average output from White Rose, the company's biggest field by production, to reach daily rates of 140,000 barrels after a seventh well is started this summer, spokesman Tanis Thacker said.
White Rose, which Husky operates with a 72.5% stake, is expected to pump as much as 125,000 barrels a day, on average, this year, she said.
Shares of Husky gained 32% in 2006, the biggest annual increase of all nine Canadian oil companies with a market value of more than C$15bil.
Husky shares have three buy recommendations and eight hold ratings from analysts tracked by Bloomberg News. Two analysts recommend selling the stock.
Hutchison Whampoa Ltd, a Li-controlled company, holds about 35% of Husky's stock. Including shares held by Li's family and through at least one other company, the Chinese investor in shipping, real estate and mobile-telephone businesses owns about 71% of Husky.
first-quarter net income rose 24% to C$650mil (US$575mil) on stronger production.
Per-share profit increased to C$1.53 from C$1.24 a year, the Calgary-based company said yesterday in a statement. Revenue after royalty climbed 4.5% to C$3.24bil.
Chief executive officer John Lau is boosting production from Alberta's oil sands and fields in eastern Canada. Husky in April won government approval to raise output by more than a third at its White Rose field offshore Newfoundland and in late 2006 started pumping oil at its Tucker oil sands development.
Husky expects average output from White Rose, the company's biggest field by production, to reach daily rates of 140,000 barrels after a seventh well is started this summer, spokesman Tanis Thacker said.
White Rose, which Husky operates with a 72.5% stake, is expected to pump as much as 125,000 barrels a day, on average, this year, she said.
Shares of Husky gained 32% in 2006, the biggest annual increase of all nine Canadian oil companies with a market value of more than C$15bil.
Husky shares have three buy recommendations and eight hold ratings from analysts tracked by Bloomberg News. Two analysts recommend selling the stock.
Hutchison Whampoa Ltd, a Li-controlled company, holds about 35% of Husky's stock. Including shares held by Li's family and through at least one other company, the Chinese investor in shipping, real estate and mobile-telephone businesses owns about 71% of Husky.