The collapse in energy price has led Husky Energy to liquidate some assets. The Calgary-based company is selling 65% of its ownership interest in 1,900 kilometers of pipeline near Lloydminster, and 4-million barrels of oil storage capacity in Hardisty and Lloydminister, along with other holdings. Cheung Kong Infrastructure Holdings and Power Assets Holdings will pay $1.7-billion in cash. Husky will retain a 35% share in the assets and will remain the operator.
The announcement followed Husky’s Q1 report which showed net losses soared to $458-million dollars. That compares to a $69-million dollar loss for the same three month period a year earlier.