CALGARY - Husky Energy Inc. (TSX:HSE) is expecting another record year after posting a big jump in quarterly profits and increasing its quarterly dividend by 25 per cent.

"The second quarter of 2008 demonstrated Husky's strategy and the strong commodity price environment," CEO John Lau said in a conference call with analysts Thursday.

For the rest of the year, he said the company will focus on the development of its White Rose refinery in Newfoundland and progression into southeast Asia.

"We are also expanding our enhanced recovery in Western Canada and are making good progress on our Sunrise oilsands project."

The company announced the 50-cent dividend late Wednesday, citing an 89 per cent increase in second-quarter earnings to $1.36 billion. Husky's earnings amounted to $1.61 per share and compared to $721 million or 85 cents in the same period last year.

Sales and operating revenues, net of royalties, were $7.20 billion, more than double the $3.16 billion posted in the same quarter of 2007.

Total production was down, however, due to the suspension of operations at its White Rose refinery for 11 days because of severe ice pack and iceberg conditions, as well as a turnaround at Terra Nova.

Shares in Husky Energy closed at $41.44 on the Toronto Stock Exchange Thursday, up 93 cents or 2.3 per cent.

LIKE IT?  LET OTHERS KNOW

Thanks for participating!

Be the first to recommend - Sign in now


See what other people are recommending - Popular Stories