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Calgary-based Husky Energy reports $1.7 billion first quarter loss, cuts dividend
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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 COVID-19 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.
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