CALGARY (Yosefardi) – Husky Energy delivered another steady performance in the third quarter, with its balanced growth and focused integration strategy contributing to predictable results.
Net earnings were $571 million, up 11.5 percent from $512 million in the third quarter of 2013. Cash flow from operations was $1.34 billion, comparable to a year ago.
Upstream production averaged 341,000 barrels of oil equivalent per day (boe/day), up approximately 10 percent from 309,000 boe/day in the third quarter of 2013.
For Husky’s offshore project in Indonesia, a letter of intent awarding the contract for an FPSO vessel has been issued. The vessel will be used to develop the BD field in the Madura Strait, which contains natural gas and liquids.
Construction is progressing on a wellhead platform and pipeline infrastructure, with first gas expected in the 2017 timeframe.
A Plan of Development was approved by government regulators for the MDK natural gas field, which calls for a two-well platform with production tied back to the shallow water MDA/MBH floating production unit. First gas is planned for the 2017-2018 timeframe.
Husky owns a 40 percent interest in the Madura Strait developments, which includes the BD, MDA, MBH and MDK natural gas fields, plus various other discoveries and prospects.
A letter of intent has been issued to award the contract for leasing an FPSO (floating production, storage and offloading) vessel for the liquids-rich BD gas field development offshore Indonesia, allowing design work on the vessel to begin.