CALGARY – Husky Energy Inc. (TSX:HSE) lowered its capital spending guidance as it reported a profit of $136 million in its latest quarter.
The energy company says it has cut its capital spending guidance to $2.2 billion- to $2.3-billion due in part to cost efficiencies.
The revised figures compared with expectations earlier this year that it would spend $2.5 billion- to 2.6-billion.
Annual production is expected to remain within the 2017 guidance range of 320,000- to 335,000-barrels of oil equivalent per day.
Husky says its profit for the quarter amounted to 13 cents per share compared with a profit of $1.39 billion or $1.37 per share a year ago when the results were boosted by asset sales.
Gross revenue totalled $4.72 billion, up from $3.52 billion in the same quarter last year.