Husky Energy falls after ‘tough and noisy’ Q4

Bloomberg

Husky Energy Inc. fell the most in nearly five months after posting what its chief executive officer called “tough and noisy” fourth-quarter results, which were hurt by a plunge in Canadian crude prices and a spill in its offshore operations.
Net earnings dropped 68 percent from a year earlier, to C$216 million ($164 million), as falling crude and fuel prices led to lower profitability in its North American operations and pipeline constraints hurt Canadian light oil prices, weighing on its upgrading margins. Husky also was hurt by a longer-than-expected maintenance period at its Lima refinery and an oil spill that shut production from its SeaRose offshore vessel.
The shares fell as much as 7.1 percent to C$14.83 in Toronto, the biggest intraday drop since October 1. Calgary-based Husky had risen 13 percent this year, compared with a 15 percent gain for the S&P/TSX Energy Index.
In the current quarter, Husky is trying to manage through Alberta’s curtailment plan, which it objected to because its refining operations were benefiting from the cheaper feedstock.