Husky Energy posts $1.4B profit in 3rd quarter, lifted by asset sales

Husky Energy says gains from asset sales propelled it to a $1.4-billion profit in the third quarter.

The profit amounted to $1.37 per share, which contrasted with a year-earlier loss of $196 million or 20 cents per share.

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The biggest contribution to Husky's third-quarter net income was a $1.3 billion after-tax gain from the sale of midstream assets to a new limited partnership. Husky retains a 35 per cent interest in the partnership.

The Calgary-based company also recorded a $167-million after-tax gain from the disposition of some Western Canada production assets.

After adjustments, Husky had a $100 million loss, which was above the year-earlier adjusted loss of $91 million

Husky has also announced that Asim Ghosh will retire as president and CEO on Dec. 5 after seven years as the company's top executive. His successor will be Rob Peabody, Husky's chief operating officer since 2006.

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