Husky Energy Cuts More Jobs As Crude Oil Slump Exceeds 19 Months

(Bloomberg) -- Husky Energy Inc., the oil and natural gas producer controlled by Hong Kong billionaire Li Ka-Shing, has made another round of jobs cuts with the crude market slump exceeding 19 months.

The company took reductions across the organization and isn’t disclosing numbers, Mel Duvall, a spokesman, said Tuesday in an e-mail. Calgary-based Husky, which has producing properties in Canada and Asia and refining operations in the U.S., last October said it had eliminated 1,400 positions to contend with the downturn.

“These are difficult decisions and we will continue to take the steps necessary to ensure the company’s resilience through this cycle and beyond,” Duvall said.

Energy companies are cutting workers, shelving projects and selling assets as U.S. crude hovers below $30 a barrel, down more than 70 percent from a mid-2014 high. Suncor Energy Inc., Canada’s largest energy company by market value, has cut 1,700 jobs in the oil rout, it said last week in releasing fourth- quarter 2015 earnings results.

Husky last month suspended dividend payments and reduced its budget for 2016. The company plans to spend C$2.1 billion to C$2.3 billion ($1.5 billion to $1.7 billion), down from a previous estimate of C$2.9 billion to C$3.1 billion.

To contact the reporters on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net; Robert Tuttle in Calgary at rtuttle@bloomberg.net To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Carlos Caminada, Will Wade

Copyright 2016 Bloomberg News.

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Brent Crude Oil : $45.89/BBL 3.69%
Light Crude Oil : $44.48/BBL 3.97%
Natural Gas : $2.96/MMBtu 1.00%
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