Money: Husky Energy confirms 370 job cuts as it trims 2020-21 spending by $500 million - - PressFrom - Canada
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Money Husky Energy confirms 370 job cuts as it trims 2020-21 spending by $500 million

23:16  02 december  2019
23:16  02 december  2019 Source:   msn.com

Husky Energy confirms 370 job cuts as it trims 2020-21 spending by $500 million

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CALGARY — Husky Energy Inc. is cutting its capital spending plan for 2020 and 2021 by $ 500 million compared with its earlier guidance due to what it called changing market conditions.The company is reducing its capital spending for 2020 by 0 million to between .2 billion and .4

CALGARY - Husky Energy Inc. is cutting its capital spending plan for 2020 and 2021 by $ 500 million compared with its earlier guidance due to what it “The reduction in our capital spending , combined with the start-up of growth projects including the Liuhua 29-1 natural gas field offshore China, two new

  Husky Energy confirms 370 job cuts as it trims 2020-21 spending by $500 million © Provided by The Canadian Press

CALGARY — About 370 jobs have been cut at Husky Energy Inc. this year with most of the reductions coming in a major round of layoffs in October, CEO Rob Peabody revealed on a conference call Monday to discuss the company's guidance for 2020 and 2021.

The Calgary-based company had refused previously to say how many workers were affected by job cuts designed to better align its workforce with lower capital spending plans going forward.

"What we're seeing is that (the reductions) will generate forward savings of about $70 million ... per year," said Peabody, adding the company will take a charge against earnings of $70 million in the fourth quarter to account for the cuts.

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Jobs . Husky Energy Inc expects 2020 capital expenditure to be between .2 billion and .4 billion, 0 million lower than the 2019 forecast of .3 billion to .5 billion.Postmedia. Share this story. Husky Energy cuts capital spending by $ 500 million over next two years.

Husky Energy is a Canadian-based integrated energy company. It is headquartered in Calgary, Alberta, and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE.

"We're going to continue those efforts to capitalize on the fact we've created a more focused and a simpler company."

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In a regulatory filing earlier this year, Husky said it had 5,157 permanent employees at the end of 2018, little changed from the numbers at the end of 2016 and 2017.

Capital spending for 2020 and 2021 is being cut by $500 million compared with guidance released last spring due to what Husky called changing market conditions.

The budget for 2020 is to fall by about $100 million to between $3.2 billion and $3.4 billion, while the following year it will drop by an additional $400 million.

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Husky Energy trims 2019 capital spending plans by 0M. Husky said it plans to spend approximately .4 billion on its capital expenditure program next year, about 0 million less than it forecast in May, partly to account for the oil production cuts as well as lower global oil prices.

“Can confirm about 500 will be let go. Happening right now,” read another anonymous post. He said Husky would continue to downsize its workforce as it sells assets and enforces a salary freeze In January, Husky cut 0 million from the 2016 budget it had announced in December (to about

The savings next year will mainly come from lower spending on cold flow heavy oil projects in Western Canada but production will increase by about four per cent thanks to the startup of two thermal heavy oil projects near Lloydminster, Sask., that use steam to aid flow from wells.

Average upstream production is expected to be in the range of 295,000 to 310,000 barrels of oil equivalent per day for 2020.

That includes about 5,000 barrels of oil per day in the first half of the year expected to be interrupted by the Alberta government's oil curtailment program and planned maintenance activities, Husky said.

Capital spending for 2020 will focus on the thermal projects, its Liuhua 29-1 offshore natural gas project in China and construction of the West White Rose Project in the Atlantic region, Husky said.

Production is expected to rise about about 10 per cent in 2021 as new projects come on stream.

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Husky Energy is a Canadian-based integrated energy company. It is headquartered in Calgary, Alberta, and is publicly traded on the Toronto Stock Exchange under the symbols HSE, HSE.PR.A, HSE.PR.B, HSE.PR.C, HSE.PR.E and HSE.PR.G.

Husky said it expects to spend about $500 million next year related to the ongoing rebuild of its Superior Refinery in Wisconsin, which was partly destroyed by a fire in April 2018.

On the call, Peabody said about US$150 million of the estimated total US$750 million cost of the Superior rebuilding project will go to enhanced safety and throughput measures that will not be covered by insurance, but the remainder is covered and is therefore not included in the capital budget.

Husky, which is controlled by Hong Kong billionaire Li Ka-Shing, is basing its capital plan on an oil price of US$55 per barrel of West Texas Intermediate for 2020 and US$60 in 2021.

Its shares were little changed on Monday, having dropped by about one per cent in early afternoon trading. They have fallen by more than 42 per cent in the past 12 months.

This report by The Canadian Press was first published Dec. 2, 2019.

Companies in this story: (TSX:HSE)

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