CALGARY (Yosefardi) – Husky Energy continued its focus on reliable business performance in the first quarter of 2014 as it delivered strong net earnings and cash flow.
Net earnings of $662 million increased 24 percent from $535 million in the first quarter of 2013. Cash flow from operations was $1.5 billion, an increase of 20 percent over $1.3 billion in the first quarter of 2013.
Upstream production averaged 326,000 barrels of oil equivalent per day (boe/day) compared to 321,000 boe/day in the first quarter of 2013 and 308,000 boe/day in the fourth quarter of 2013, reflecting additions from the Sandall heavy oil thermal development and the Ansell liquids-rich gas resource project.
In Indonesia, the Company signed a Heads of Agreement for sales gas from the MDA and MBH fields in the Madura Strait. Construction continued on the shallow water platform infrastructure for the BD field, with a contract award for an FPSO (Floating Production, Storage and Offloading) vessel awaiting approval from the regulator.
Husky has signed a Production Sharing Contract on the Anugerah block in the East Java Basin offshore Indonesia and is planning to commence initial exploration activity later in 2014.