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Cenovus bought Husky for $2.9 billion. The move was made to defend the former from the Biden Anti-Soil Sands movement which could be a threat to its future business in the US market. By acquiring Husky's refineries in Ohio and Wisconsin, Cenovus can now refine 70% of its crude directly in the US midwest and won't have to sell oil locally at a depressed price hence justifying the merge.
Canadian firm, Husky Energy has informed about concluding the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure. The deal was finalized for $215 million in cash, excluding a closing adjustment of about $53.5 million. Apart from the deal, Husky also inked a five-year offtake agreement with Tidewater for refined products from the refinery.
As Canada’s energy sector struggles with sluggish growth, the layoff trend continues with the latest layoffs coming from Husky Energy. The firm laid off a number of employees yesterday, spokeswoman for Husky said. The sackings come a day right after the federal election in Canada, where Prime Minister Trudeau failed to secure an outright majority of seats. Concerns of further delay in the Trans Mountain pipeline expansion are now worrying the industry.
Husky Energy yesterday said that the firm would pay $3.8 million in fine for the 2016 Saskatchewan oil spill. A Husky unit-operated pipeline was discovered to be leaking in the North Saskatchewan River, reportedly caused by ground movement over time. Husky affirmed about learning lessons from the pipeline leak including systematic geotechnical reviews of pipelines. The firm now uses fiber optic sensing technology for all the new large diameter projects.
Canada’s Husky Energy and government agencies began underwater surveying on Monday, following an oil leak in the waters of Newfoundland & Labrador which forced shut down of all crude production in the region. Approximately 1,572 barrels of oil spill through a leaking flowline was detected from Husky’s White Rose Field to the SeaRose storage vessel on Friday. Canada-Newfoundland & Labrador Offshore Petroleum Board will decide when operations can resume.
Canada’s Husky Energy has reported big profit in its Q3 report which was majorly due to the increased crude prices. The net income of the company climbed to C$545 million ($418.27 million) in this quarter. Though the income of the company increased significantly, but the production reduced to 297 million barrels of oil equivalent per day. Earlier the production of Husky was 318 million boe/d.
Earlier this month, Husky Energy Inc. made a formal offer to buy each MEG share for C$11 in cash. Canada’s MEG has rejected its rival’s offer by considering it as an undervalued proposal. MEG issued a statement saying, “The board ... has unanimously determined that the Husky offer significantly undervalues the common shares and is not in the best interests of MEG or MEG shareholders,”
Husky Energy announced that it has made an offer of acquisition of MEG Energy through an unsolicited bid. The deal is worth C$6.4 billion. The company also informed that the combined production would increase to over 410,000 barrels of oil equivalent per day and the refining and upgrading capacity will increase to 400,000 bpd. This acquisition has come at a time when Canadian oil producers are struggling with transportation problems.
In a press conference yesterday, the US Chemical Safety Board portrayed faulty valve in the FCCU as the cause of the blast in Husky Energy refinery in Wisconsin. The board explained that the Iron Sulfide in the carbon steel of the fluidic catalytic cracking unit (FCCU) was possibly ignited by the air leaking in the unit. The explosion led to a discharge of flaming asphalt across the refinery.
Canada-based Husky Energy has granted a one-year contract extension to Transocean’s Henry Goodrich drilling rig. The semi-submersible rig is currently deployed in the Atlantic Ocean offshore Canada. The assessed contract backlog is approximately $100 million, implying that the dayrate is around $274.000. The extended will keep the rig busy until late 2019.
Calgary-based Husky Energy has affirmed that the West White Rose Project construction is moving right along. The Senior VP, Atlantic Region of Husky indicated that West White Rose may be the biggest project Husky has on the books right now. Work on the West White Rose project is expected to be complete by 2021.