CORRECTED-UPDATE 2-Husky Energy profit rises on higher refining margins

Wed Feb 6, 2013 9:34am EST
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(Corrects subhead and paragraph 13 to show Husky's adjusted profit missed analysts' estimates, not beat)

* 4th-qtr earnings C$0.48/share vs C$0.42 last year

* Adjusted earnings unchanged at C$0.50/share

* Production rises to 319,300 boe/d vs 318,900 boe/d

Feb 6 (Reuters) - Husky Energy Inc, Canada's No.3 oil producer and refiner, reported a 16 percent rise in fourth-quarter net profit as cheaper crude oil fattened refining margins.

Husky, along with compatriots Suncor Energy Inc and Imperial Oil Ltd, has taken advantage of a wide gulf between the price of oil in the glutted North American interior and expensive imported crude.

That spread has been building as booming production in both Canada and the United States floods the market in the U.S. Midwest and Midcontinent regions, the major market for Canadian crude.

Realized refining margins for the quarter averaged $16.24 per barrel, compared with $14.80 a year earlier.

Husky, controlled by Hong Kong billionaire Li Ka-shing, in December forecast higher production for the current year, as it increased oil production and cut back on natural gas.   Continued...