A number of Calgary-based energy companies have posted their third quarter results.
Calgary-based Husky Energy says asset sales propelled the company to a $1.4-billion third quarter profit. That’s compared to a $196-million loss for the same three month period last year. Husky saw net income of $1.3-billion from the sale of midstream assets to a new limited partnership in which it retains a 35% interest.
Husky has also announced that Asim Ghosh will retire in December after seven years as president and CEO. His successor will be Rob Peabody, who has been C-O-O since 2006.
Oilsands giant Suncor Energy reports third quarter profits rebounded to $392-million compared to a $276-million loss in Q3 last year. The Calgary-based company reports production bounced back after second-quarter interruptions caused by the Fort McMurray wildfire.
Cenovus Energy posted a $251-million dollar third quarter loss. Last year in the same period Cenovus had a $1.8-billion dollar profit, but net earnings last year included a $1.9-billion dollar asset sale.
In a release this morning, the company says it had a strong third-quarter operational performance. The company says it has achieved consistent quarter-over-quarter increases in oilsands production and steadily reduced the total per-barrel oil operating costs.