Company also reported $1.4 billion profit in third quarter, fuelled by significant asset sales
CALGARY—Husky Energy says gains from asset sales propelled it to a $1.4-billion profit in the third quarter.
The profit amounted to $1.37 per share, which contrasted with a year-earlier loss of $196 million or 20 cents per share.
The biggest contribution to the company’s third-quarter net income was a $1.3 billion after-tax gain from the sale of midstream assets to a new limited partnership. Husky retains a 35 per cent interest in the partnership.
The Calgary-based company also recorded a $167-million after-tax gain from the disposition of some Western Canada production assets.
After adjustments, Husky had a $100 million loss, which was above the year-earlier adjusted loss of $91 million
The Canadian oil and gas heavyweight also announced Oct. 26 that Asim Ghosh will retire as president and CEO on Dec. 5 after seven years as the company’s top executive. His successor will be Rob Peabody, the company’s chief operating officer since 2006.