[ET Net News Agency, 3 August 2017] CK Hutchison Holdings (00001) said in its interim
results announcement that Husky Energy, its associated company listed in Canada, reported
a net loss of C$22 million in the first half of 2017, a 97% improvement from a net loss of
C$654 million in the first half of 2016.
The improvement was mainly due to higher Upstream commodity prices, higher contribution
from the increased production of higher margin thermal developments in Western Canada and
the Liwan Gas Project in Asia Pacific, partly offset by an after-tax impairment charge of
C$123 million on certain Upstream legacy assets in Western Canada.
Average production in the first six months of 2017 was 326,700 barrels of oil equivalent
per day, a 1% decrease when compared to the same period last year, mainly due to the sale
of selected low margin legacy crude oil and natural gas assets, partly offset by increased
production from thermal developments including production ramp up at the Sunrise Energy
Project, new production from Edam West, Vawn and Edam East thermal developments and strong
production performance from the Tucker Thermal Project, as well as increased natural gas
and natural gas liquids production from the Liwan Gas Project in Asia Pacific. (HL)