Canadian oil and gas producer Husky Energy Inc reported a smaller loss on Friday, helped partly by higher oil prices and an increase in production.
Oil prices began to rise late last year after a two-year slump, now hovering around $50 per barrel, as an OPEC-led production cut and rebounding demand slowly erode a global glut. The company's second-quarter production rose to 320,000 barrels of oil equivalent per day (boed), from 316,000 boed, a year earlier. Husky, which is controlled by the Hong Kong billionaire Li Ka-Shing, realized C$41.48 per barrel of oil equivalent (boe) in the second quarter, up from C$34.59 per boe a year earlier. The Calgary, Alberta-based company reported a net loss of C$93 million ($73.89 million), or 10 Canadian cents per share, in the second quarter ended June 30, compared with a loss of C$196 million, or 20 Canadian cents a share, a year earlier In the year-ago quarter, Husky had incurred a C$105 million after-tax loss related to dispositions, property impairment and asset write-downs. Rival Encana Corp reported a second-quarter profit on Friday. (Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta)