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CORRECTED-UPDATE 1-Husky Energy says capex to be little changed in 2016

Published 2015-12-08, 08:13 a/m
© Reuters. CORRECTED-UPDATE 1-Husky Energy says capex to be little changed in 2016
HSE
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(Corrects paragraph 4 to say Husky is looking to sell some
midstream assets in the Lloydminster region of Western Canada,
not Alberta's Lloydminster region)
Dec 8 (Reuters) - Canadian oil producer Husky Energy Inc
HSE.TO said it will keep its 2016 budget nearly unchanged from
2015, joining peers who are reining in spending to cope with a
prolonged slump in oil prices, which touched 7-year lows this
week.
The company said it would spend C$2.9 billion ($2.14
billion) to C$3.1 billion in 2016, compared with an estimated
C$3 billion this year.
The company, controlled by Hong Kong billionaire Li
Ka-shing, has cut jobs and spending this year in a bid to
weather the more than 60 percent drop in global oil prices since
June 2014.
Husky also said it is looking to sell some of its midstream
assets in the Lloydminster region of Western Canada, to
strengthen its balance sheet and meet its debt obligations.

The company said it expects 2016 production to average
between 330,000 and 360,000 barrels of oil per day (boepd),
compared with an estimated production of 346,000 boepd this
year.
Husky had said it expects to bring 85,000 barrels per day of
new production online by the end of 2016, in October.

($1 = 1.3571 Canadian dollars)

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