(Adds details)
Oct 27 (Reuters) - Husky Energy Inc HSE.TO , Canada's No. 3 integrated oil company, reported a bigger-than-expected quarterly loss as weak crude oil prices continued to eat into profits.
The company said the prices it realized for its oil and gas production, in the third quarter ended Sept. 30, fell 16 percent from a year ago. a bid to soften the impact of weak oil prices, Husky is focusing on cutting costs.
The company had achieved its target of generating more than 40 percent of its production from low-capital projects, Chief Executive Asim Ghosh said in a statement on Thursday.
"And we have many more such projects in the wings," he said.
Ghosh will retire on Dec. 5 after seven years at the helm and will be replaced by Chief Operating Officer Rob Peabody,
the company said on Wednesday. total production fell about 10 percent to 301,000 barrels of oil equivalent per day in the quarter.
The Calgary, Alberta-based company said cash flow from operations shrank to C$484 million ($362.17 million), in the quarter, from C$674 million ($504.57 million) a year ago.
However, Husky recorded nearly C$1.5 billion ($1.12 billion) in gains related to asset sales, helping the company post a quarterly profit of C$1.39 billion ($1.04 billion), compared with a year-ago loss of C$4.09 billion ($3.06 billion).
Excluding items, the company lost 10 Canadian cents per share, bigger than analysts' average estimate of 8 Canadian cents per share, according to Thomson Reuters I/B/E/S. ($1 = 1.3358 Canadian dollars)