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Husky Energy Posts Q1 Loss

Husky Energy (HSE.TO) reported a first quarter basic loss per share of C$1.71 compared to profit of C$0.32, previous year. Net loss was C$1.7 billion, including impairments of C$1.1 billion primarily related to lower crude oil price assumptions, as well as an inventory realizable value write-down of C$274 million. Funds from operations was C$25 million or C$0.02 per basic share, in the first quarter, impacted by a FIFO loss of C$397 million.

"Severe pricing headwinds, amplified by geopolitical events, COVID-19 and the associated collapse of global oil and refined product demand, impacted our first quarter results," said CEO Rob Peabody.

First quarter revenue, net of royalties, was C$4.07 billion compared to C$4.54 billion, prior year.

Given current market conditions and the company's focus on the balance sheet, the Board has reduced the quarterly dividend to C$0.0125 per common share.

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