(Reuters) - Husky Energy Inc’s (HSE.TO) quarterly profit rose slightly as higher production at its heavy oil projects in Saskatchewan helped reduce the impact of lower crude oil prices and planned maintenance at its North Atlantic operations.
Husky, Canada’s No.3 integrated oil company controlled by Hong Kong billionaire Li Ka-shing, said its Pikes Peak South and Paradise Hill heavy oil projects in Saskatchewan reached full production during the quarter.
This rise in heavy oil production helped reduce the impact from planned maintenance at its SeaRose and Terra Nova facilities located offshore Newfoundland in the North Atlantic.
Total production before royalties averaged 285,000 barrels of oil equivalent per day (boepd) in the quarter, down from 309,000 boepd a year earlier, the company said.
The company maintained its production forecast of 290,000 to 315,000 boepd for the full year.
Net income rose slightly to C$526 million from C$521 million a year earlier. Earnings per share remained flat at 53 Canadian cents.
Husky, which also has operations in South China Sea, earned 52 Canadian cents on an adjusted basis.
Analysts on an average were expecting earnings of 40 Canadian cents per share, according to Thomson Reuters I/B/E/S.
Average realized crude oil pricing in the quarter fell to $70.14 per barrel, from $78.70 a year earlier, the company said.
Cash flow, a glimpse into a company’s ability to fund development, fell to C$1.27 billion, or C$1.29 per share, from C$1.33 billion, or C$1.39 per share, a year earlier.
Shares of Husky, which has a market value of about C$26.65 billion, closed at C$27.05 on the Toronto Stock Exchange on Wednesday. (Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon,; Sriraj Kalluvila)