Disclaimer | Those assumptions and factors are based on information currently available to the Company about itself and the businesses in which it operates. Husky Energy Inc. (OTCPK:HUSKF) Q2 2020 Earnings Conference Call July 30, 2020 11:00 AM ET Company Participants Dan Cuthbertson - Director, IR Rob Peabody - CEO Jeff Hart - CFO Rob Symonds - … The Company’s Annual Information Form for the year ended December 31, 2019, Management’s Discussion and Analysis for the three and six months ended June 30, 2020 and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com and the EDGAR website www.sec.gov) describe some of the risks, material assumptions and other factors that could influence actual results and are incorporated herein by reference. In the second quarter, capital expenditures were $310 million, including $63 million in Superior Refinery rebuild capital. Some of the forward-looking statements may be identified by statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “projection”, “could”, “aim”, “vision”, “goals”, “objective”, “target”, “scheduled” and “outlook”). CALGARY, Alberta, July 30, 2020 (GLOBE NEWSWIRE) -- Husky Energy recorded funds from operations of $18 million in the second quarter. Offshore production averaged 71,100 boe/day. Average June production was 34,700 bbls/day (17,350 bbls/day Husky working interest) and is currently about 50,000 bbls/day (25,000 bbls/day Husky working interest.) Husky continues to work on lowering operating costs and ongoing sustaining capital requirements. The Company has improved its process and occupational safety metrics, including a 38% reduction in Tier 1 and 2 Process Safety Events and a 31% reduction in the Total Recordable Injury Rate, year to date, compared to the same period in 2019. Net earnings were a loss of $304 million. Regular dividend payments on each of the Cumulative Redeemable Preferred Shares – Series 1, Series 2, Series 3, Series 5 and Series 7 – will be paid for the three-month period ended September 30, 2020. 2020 capital expenditures remain on track within the previously guided range of $1.6-1.8 billion. This compared to $15.55 US per barrel a year ago, which included a favourable FIFO pre-tax inventory valuation adjustment of $0.60 US per barrel. Following recent rating agency reviews, Husky has maintained its investment-grade credit ratings. Total production averaged 60,500 boe/day, compared to 62,600 boe/day in the first quarter of 2020. Net earnings were a loss of $304 million. CEO Rob Peabody, CFO Jeff Hart and other members of the senior executive team will participate in the call. This takes into account the ongoing suspension of production-related operations on the partner-operated Terra Nova floating production, storage and offloading (FPSO) vessel, in which Husky has a 13% working interest. Downstream throughput in the Integrated Corridor averaged 281,300 bbls/day, representing approximately 75% of overall capacity. Husky jumped as much as 17% in early trading Monday, and was at C$3.40 at 9:46 a.m. local time. The Company uses the term “barrels of oil equivalent” (or “boe”), which is consistent with other oil and gas companies’ disclosures, and is calculated on an energy equivalence basis applicable at the burner tip whereby one barrel of crude oil is equivalent to six thousand cubic feet of natural gas. Overall average production in the Atlantic region was approximately 19,000 bbls/day, Husky working interest. Construction of the Liuhua 29-1 field at Liwan was 95% complete at the end of the second quarter as the project advances towards first gas by the end of 2020. In the Integrated Corridor, production averaged 175,400 boe/day, with approximately 50,000 barrels per day (bbls/day) of heavy oil shut in during the second quarter. The refinery continued full operations during the quarter due to strong asphalt pricing. As a result of positive market signals, the project commenced steaming in mid-June and first oil is expected later in the third quarter. Asia Pacific ChinaGross natural gas sales from the two producing fields at the Liwan Gas Project averaged 431 million cubic feet per day (mmcf/day), with associated liquids sales of 18,900 bbls/day (211 mmcf/day and 9,300 bbls/day Husky working interest). Cenvous slumped 14% to C$4.21. CALGARY, Alberta, July 16, 2020 (GLOBE NEWSWIRE) -- Husky Energy will release its second quarter 2020 results before markets open on Thursday, July 30, 2020… Cash flow from operating activities, which includes changes in non-cash working capital, was a loss of $10 million. Volumes at the Upgrader were reduced early in the second quarter but ramped back up in line with increased demand. The Lloydminster Heavy Oil Value Chain (LHOVC) includes the Lloydminster and Tucker thermal projects, enhanced oil recovery (EOR) assets, cold heavy oil production with sand (CHOPS), and the Lloydminster Upgrader and Asphalt Refinery. Funds from operations equals cash flow – operating activities plus change in non-cash working capital. Certain statements in this news release are forward-looking statements and information (collectively, “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Any forward-looking statement speaks only as of the date on which such statement is made and, except as required by applicable securities laws, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. Funds from operations were $18 million. Construction of the 10,000 barrel-per-day Spruce Lake Central project was completed in the second quarter. Investor and Media Inquiries: Leo Villegas, Senior Manager, Investor Relations403-513-7817, Kim Guttormson, Manager, Communication Services 403-298-7088, Registration on or use of this site constitutes acceptance of our, Earnings season is repeating a tech-bubble trend filled with counterintuitive market reactions, Bank of America says », 'It's definitely going to be more violent': A former Facebook content moderator warns election results could spark violence, no matter who wins », Cenovus Energy Inc. -- Moody's reviews Cenovus Energy's ratings for upgrade, Husky Energy Inc. -- Moody's reviews Husky Energy's ratings for downgrade, Cenovus snares Li Ka-shing’s Husky Energy in $7.8bn deal, Cenovus and Husky Combine to Create a Resilient Integrated Energy Leader, Husky Energy to Report Third Quarter 2020 Results, Husky Completes Commissioning At Liuhua 29-1. Refining operating margin was $46 million, compared to a margin of $200 million in Q2 2019, reflecting lower volumes and crack spreads. A conference call will be held on Thursday, July 30 at 9 a.m. Mountain Time (11 a.m. Eastern Time) to discuss Husky’s second quarter results. This news release contains references to the non-GAAP financial measures “funds from operations”, “free cash flow”, “net debt”, “operating margin”, “sustaining capital”, “net debt to trailing funds from operations” and “refining and marketing margin”. CALGARY, Alberta, July 16, 2020 (GLOBE NEWSWIRE) -- Husky Energy will release its second quarter 2020 results before markets open on Thursday, July 30, 2020. Husky’s Integrated Corridor business is uniquely positioned to capture margin opportunities in volatile market conditions while balancing upstream production and refinery throughput with product demand in the Company’s key markets. Canada's Cenovus tumbles as analysts question $2.9 billion purchase of rival .. Cenovus shares plummet on news of its $3.8-billion deal to buy oilsands rival, Net debt to trailing funds from operations, Depletion, depreciation, amortization and impairment, Inventory write-down to net realizable value, Stock-based compensation expense (recovery), Settlement of asset retirement obligations, Weighted average number of common shares outstanding, Selling, general and administrative expenses, President, Chief Executive Officer & Director. Refining and marketing margin equals gross revenue and marketing and other less purchases of crude oil and products. The term boe is used to express the sum of the total company products in one unit that can be used for comparisons. This included negative impacts from the realization of $274 million in after-tax inventory losses that were recognized in the first quarter, as well as a first-in first-out (FIFO) after-tax loss of $3 million. The following table provides the full product breakdown for Integrated Corridor and Offshore upstream production, before royalties, for the periods indicated: All currency is expressed in Canadian dollars unless otherwise indicated. The Chicago 3:2:1 crack spread averaged $6.15 US per barrel, compared to $21.61 US per barrel in Q2 2019.
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