By The Canadian Press

Husky Energy reports $1.7-billion first-quarter loss, cuts dividend

Apr 29, 2020 | 6:12 AM

CALGARY – Husky Energy Inc. slashed its dividend as it reported a $1.7-billion loss in its first quarter due to impairment charges related to the plunge in crude oil prices as a result of the pandemic.

The company says it will now pay a quarterly dividend of 1.25 cents per share, down from 12.5 cents per share.

Husky says its loss for the first quarter amounted to $1.71 per share for the quarter ended March 31 compared with a profit of $328 million or 32 cents per share in the same quarter a year earlier.

The loss included $1.1 billion in non-cash asset impairment charges primarily related to the company’s upstream assets in North America due to lower crude oil price assumptions.

Funds from operations for the quarter totalled $25 million or two cents per share, down from $959 millionor 95 cents per share in the first three months of 2019.

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Husky chief executive Rob Peabody says the company was hit by severe pricing headwinds, amplified by geopolitical events, COVID-19 and the associated collapse of global oil and refined product demand.