- Oil and gas company, Husky Energy Inc (TSX:HSE) saw its shares drop significantly today, following the released their full-year financial results
- Husky reported a net loss of 2.3 billion in fourth quarter, due to after tax impairments
- As a result of the poor performance, the company’s share price dropped to its lowest point since the year 2000
- An extended shutdown of the Lima Refinery, as well as unfavourable U.S. oil prices also negatively affected the full-year results
- Husky Energy (HSE) was down 8.39 per cent, with shares trading for $6.55
Shares in Husky Energy Inc (TSX:HSE) dropped significantly today, after the company released their full-year financial results.
Husky reported a net loss of 2.3 billion in the fourth quarter. The company cited after tax impairments as the reason for the large loss.
However, even after removing impairments and write downs, the company made only $5 million in net profit. This is still $210 million less than the previous corresponding quarter.
As a result, the company’s full year results have been substantially impaired, reporting a net loss of $1.37 billion across 2019.
The company’s poor performance has dropped its already struggling share price to its lowest point since the year 2000.
In total, Husky’s energy’s share price has dropped more than 35 per cent since the beginning of the year.
Husky’s fourth quarter results were also negatively impacted by the extended shutdown of the Lima Refinery, as well as unfavourable U.S. oil prices.
Despite the poor performance, Rob Peabody CEO, of Husky Energy Inc, focused on the company’s achievements throughout the year.
“We delivered on critical milestones during the year, including our top priority of improved safety performance.
“We met our production and capital guidance, achieved first oil at the 10,000 barrel-per-day Dee Valley thermal bitumen project and have completed the safe startup of the Lima Refinery crude oil flexibility project,” he said.
The $2.3 billion-dollar loss was not mentioned by Peabody in the report.
Husky Energy (HSE) was down 8.39 per cent, with shares trading for $6.55 at 11.43am EST.