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Husky Energy to sell some Saskatchewan assets for C$595 mln

Published 2016-05-10, 05:28 p/m
© Reuters. Husky Energy to sell some Saskatchewan assets for C$595 mln
HSE
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WCP
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May 10 (Reuters) - Husky Energy HSE.TO said it would sell
some assets in southwest Saskatchewan for C$595 million ($461
million) to fellow oil and gas producer Whitecap Resources Inc
WCP.TO as it looks to raise cash.
This is Husky's third asset sale this year. The company said
on Tuesday the planned sale of several other assets in Western
Canada was on track.
"Over the past two months we have made significant progress
on three major divestiture initiatives that will materially
strengthen our balance sheet and further our transition into a
low sustaining capital business," Chief Executive Asim Ghosh
said in a statement.
Husky has been hammered by a nearly two-year slump in crude
prices. The company announced plans in December to raise cash by
selling assets, including around 60,000 barrels per day of
non-core conventional oil and gas production.
Husky's shares have lost nearly 38 percent of their value in
the last 12 months.
($1 = 1.2909 Canadian dollars)

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