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Company News

CORRECTED-Husky Energy reports bigger third-quarter profit

(Corrects to 297,000 barrels of oil equivalent per day (boe/d) from 318,000 boe/d, instead of 297 million barrels from 318 million boe/d in third paragraph)

Oct 25 (Reuters) - Canadian oil and gas producer Husky Energy Inc reported a bigger quarterly profit on Thursday, boosted by higher crude oil prices.

Net income rose to C$545 million ($418.27 million), in the third quarter ended Sept. 30, from C$136 million, a year earlier.

The company’s production in the reported quarter decreased to 297,000 barrels of oil equivalent per day (boe/d) from 318,000 boe/d.

Husky made a formal offer to buy MEG Energy Corp days after making a hostile bid for C$6.4 billion ($5 billion), to become an integrated oil company having production and refining capabilities.

MEG had rejected Husky’s formal offer. ($1 = C$1.30) (Reporting by Laharee Chatterjee in Bengaluru; editing by Shounak Dasgupta)

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