Husky Energy net turns black to C$922m in 2016

    CK Hutchison Holdings (00001) said in its annual results announcement for the year ended 31 December 2016 that Husky Energy, its associated company listed in Canada, announced net profit of C$922 million in 2016, a turnaround from a net loss of C$3,850 million for 2015.
  The improvement in net earnings was mainly due to the inclusion in 2015 of an after-tax impairment charge of C$3,824 million against an after-tax gain in 2016 of C$1,316 million on disposal of 65% ownership interest of the midstream assets in the Lloydminster region of Alberta and Saskatchewan to CKI and Power Assets and the gains on sale of royalty interests and legacy crude oil and natural gas assets in Western Canada during the year. These gains were partly offset by the impact of continued low oil and natural gas prices.
  Average production in 2016 was 321,200 barrels of oil equivalent per day, a 7% decrease when compared to last year, mainly due to lower natural gas and natural gas liquids sales from the Liwan Gas Project and from the Western Canada dispositions, partly offset by strong performance from the heavy oil thermal projects and ramp up of the Sunrise Energy Project.