Husky's Net Earning Increases 13%



Husky Energy reported net earnings of $769 million or $0.91 per share (diluted) in the third quarter of 2007, an increase of 13% compared with $682 million or $0.80 per share (diluted) in the same quarter of 2006.

Cash flow from operations in the third quarter was $1.4 billion or $1.67 per share (diluted), a 16% increase compared with $1.2 billion or $1.44 per share (diluted) in the same quarter of 2006. Sales and operating revenues, net of royalties, were $4.4 billion in the third quarter of 2007, up 27% compared with $3.4 billion in the third quarter of 2006.

"We are very pleased with the results for the third quarter. Net earnings and cash flow reflect the strong performance of the White Rose oil field and contribution from the U.S. refining operations," said Mr. John C.S. Lau, president and CEO. "The acquisition of the 165,000 barrel per day U.S. refinery at Lima, Ohio, gives Husky upgrading and refining integration with its upstream oil production."

Production in the third quarter of 2007 averaged 369,900 boe/d, compared with 364,700 boe/d in the third quarter of 2006. Total crude oil and natural gas liquids production was 266,500 b/d and natural gas production was 620.1 MMcf/d.


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