November 3, 2011 / 11:40 AM / 7 years ago

UPDATE 1-Husky profit doubles on higher output, crude prices

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Nov 3 (Reuters) - Husky Energy Inc’s third-quarter profit doubled on robust production and higher realized crude prices.

The company, Canada’s third-largest oil producer and refiner, reported a net income of C$521 million, or 53 Canadian cents a share, up from C$261 million, or 30 Canadian cents a share, a year ago.

On an adjusted basis, it earned C$503 million, or 53 Canadian cents a share.

Husky, controlled by Hong Kong billionaire Li Ka-shing, produces oil and gas in Canada and Southeast Asia and operates refineries in British Columbia and Ohio.

It benefited from strong oil prices in the quarter, as the West Texas Intermediate benchmark oil prices rose 18 percent from the year-ago quarter to $89.62 per barrel and European Brent LCOc1 prices rose 46 percent to $112.09.

Husky’s cash flow, a key indicator of its ability to fund new projects and drilling, was C$1.33 billion, or C$1.39 per share, compared with C$794 million, or 93 Canadian cents per share, last year.

Total production before royalties averaged 309,100 barrels of oil equivalent per day (boe/d), compared with 288,700 boe/d in the year-ago quarter. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)

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