Husky Energy Q4 profit falls to $542 million, revenue slips amid lower gas pricesadmin
Husky Energy Inc. says its profit fell to $542 million in the fourth quarter, down 19 per cent from the same time a year earlier, as lower natural gas prices hit the top and bottom lines.
Husky earned $1.28 per diluted share in the three months ended Dec. 31, 2006, down from $669 million or $1.58 per share a year earlier, the Calgary-based oil and gas producer announced Monday. Sales and operating revenues, net of royalties, were $3.1 billion in the fourth quarter of 2006, compared with $3.2 billion in the fourth quarter of 2005.
The company also said it will pay a special dividend of 50 cents per share in April as well as a quarterly dividend of 50 cents, payable on April 3 to shareholders as of March 2.
For the full 2006 year, net earnings were up 36 per cent to $2.7 billion or $6.43 per diluted share compared with $2.0 billion or $4.72 per share in 2005.
Cash flow from operations last year improved by 19 per cent to $4.5 billion or $10.61 per share, compared with $3.8 billion or $8.93 per share in 2005.
Sales and operating revenues, net of royalties, were $12.7 billion in 2006, an increase of 24 per cent compared with $10.2 billion in 2005.
“It has been an exciting year for Husky,” John Lau, Husky’s president and chief executive officer, said in a statement.
Husky shares closed Monday at $75.85, up 82 cents, at the Toronto Stock Exchange.