[ET Net News Agency, 16 March 2018] CK Hutchison Holdings (00001) said in its annual
results announcement for the year ended 31 December 2017 that Husky Energy, its associated
company listed in Canada, announced net earnings of C$786 million in 2017, 15% lower than
2016 due to the after-tax disposal gain of C$1,456 million reported in 2016.
Underlying operations recovered strongly, particularly in the second half, due to higher
commodity prices and increasing contributions from higher margin thermal developments in
Western Canada and the Liwan Gas Project in Asia Pacific. Husky also recognised a one-time
deferred tax credit of C$436 million associated with the U.S. tax reform announced in
December 2017.
Average production in 2017 was 322,900 barrels of oil equivalent per day, a 1% increase
when compared to last year, mainly due to 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. Healthy production increases in 2017 were offset by
the sale of selected low margin legacy crude oil and natural gas assets during 2016 which
together contributed 31,900 barrels of oil equivalent per day production in 2016. (HL)