Canada's Husky Energy profit beats on higher U.S. crude prices

Wed Feb 12, 2014 7:27am EST

Feb 12 (Reuters) - Husky Energy Inc, Canada's third-largest integrated oil producer, posted a better-than-expected fourth-quarter profit, helped by an 11 percent rise in U.S. crude prices.

Husky, controlled by Hong Kong billionaire Li Ka-shing, said net income fell to C$177 million ($160.28 million), or 18 Canadian cents per share, from C$474 million, or 48 Canadian cents, a year earlier.

Adjusted earnings, which exclude most one-time and unusual items, fell 15 percent to C$412 million, or 42 Canadian cents per share, but beat the average analyst estimate of 38 Canadian cents per share, according to Thomson Reuters I/B/E/S.

The company's cash flow, a measure of its ability to pay for new projects and drilling, declined 19 percent to C$1.14 billion, or C$1.16 per share.

WTI prices averaged $97.46 per barrel compared with $88.18 a year ago.

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