It isn't like those jokers haven't HOSED the public so much that they aren't in a better position than most to make it through this economic downturn..................
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News Release
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Husky Energy Reports 2008 Third Quarter Results
October 21, 2008
Calgary, Alberta - Husky Energy Inc. (TSX - HSE) reported net earnings of $1.27 billion or $1.50 per share (diluted) in the third quarter of 2008, an increase of 65 percent from $769 million or $0.91 per share (diluted) in the same quarter of 2007. Cash flow from operations in the third quarter of 2008 was $2.0 billion or $2.36 per share (diluted), a 41 percent increase compared with $1.4 billion or $1.67 per share (diluted) in the same quarter of 2007. Sales and operating revenues, net of royalties, were $7.7 billion in the third quarter of 2008, an increase of 77 percent compared with $4.4 billion in the same quarter of 2007.
?Husky's strong earnings and cash flow allow the Company to finance its current capital program, redeem debt and accumulate cash, positioning the Company for further investment opportunities,? said John C.S. Lau, President & Chief Executive Officer of Husky Energy Inc. ?Husky's focus on financial discipline in respect of costs and project execution over the years has positioned the Company to perform well in these volatile financial and commodity markets.?
In the third quarter of 2008, total production averaged 355,900 barrels of oil equivalent per day, compared with 369,900 barrels of oil equivalent per day in the third quarter of 2007, a reduction of four percent. Total crude oil and natural gas liquids production was 256,200 barrels per day, compared with 266,500 barrels per day in 2007. Natural gas production was 598 million cubic feet per day, compared with 620 million cubic feet per day in the same period of 2007. The decrease in production of barrels of oil equivalent is generally in line with Husky's updated guidance as reported in the second quarter of 2008.
For the first nine months of 2008, Husky's net earnings were $3.5 billion or $4.15 per share (diluted), compared with $2.1 billion or $2.52 per share (diluted) in the first nine months of 2007. Cash flow from operations was $5.6 billion or $6.63 per share (diluted) in the first nine months of 2008, compared with $4.0 billion or $4.71 per share (diluted) in the same period of 2007. Sales and operating revenues, net of royalties, were $20.0 billion in the first nine months of 2008, compared with $10.8 billion in the first nine months of 2007.
