Husky Energy profit falls three percent as crack spreads narrow

Thu Oct 24, 2013 7:49am EDT
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(Reuters) - Husky Energy Inc (HSE.TO: Quote), Canada's No.3 integrated oil producer, reported a 3 percent fall in quarterly profit as its refining business was hurt by a sharp drop in market crack spreads, or the price difference between crude oil and the refined product.

The company, controlled by Hong Kong billionaire Li Ka-shing, said net income fell to C$512 million ($492.83 million), or 52 Canadian cents per share, from C$526 million, or 53 Canadian cents per share, a year earlier.

Adjusted earnings, which exclude most one-time items, rose 6 percent to C$544 million, or 55 Canadian cents per share, in line with analysts average forecast, according to Thomson Reuters I/B/E/S.

The company, which operates in Canada and Asia, said cash flow rose 6 percent to C$1.35 billion in the quarter.

Total upstream production rose 8 percent to 309,000 barrels of oil equivalent per day.

($1 = 1.0389 Canadian dollars)

(Reporting by Scott Haggett and Sayantani Ghosh; Editing by Savio D'Souza)