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Company News

Husky Energy cuts five-year budget, raises cash flow target

May 28 (Reuters) - Husky Energy Inc on Tuesday cut its five-year budget and raised its free cash flow target, at a time when investors have been calling on oil and gas companies to shore up capital for buybacks and dividends.

Husky now expects to spend an average of C$3.15 billion ($2.34 billion) annually from 2019 to 2023, compared with its previous 2018 to 2022 average of C$3.5 billion. Total free cash flow before dividends is expected to reach C$8.7 billion at a flat $60 U.S. crude price. ($1 = 1.3472 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli)

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