Canadian Manufacturing

Husky announces succession plan as CEO Asim Ghosh heads for retirement

Company also reported $1.4 billion profit in third quarter, fuelled by significant asset sales

October 27, 2016  by The Canadian Press

An employee inspects a pumpjack at Husky's Pikes Peak South oil site in Saskatchewan. PHOTO Energy

The company has sold a number of non-core assets this year, including $1.3 billion in midstream assets this quarter. PHOTO Husky Energy

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.

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