Husky Energy Inc (TSE:HSE) had another disappointing quarter, as they missed estimates again, while lowering production guidance.
Investors and analysts are starting to get frustrated with the company, as they've missed their own production guidance for six straight years. Some are openly wondering about their ability to see the near-term future and performance of the company.
Earnings came to C$266 million ($256 million), or 31 Canadian cents a share, for the second quarter, down from C$345 million, or 41 Canadian cents a share, for the same quarter last year.
New CEO Asim Ghosh unconvincingly said this about the company's performance and goals, “Husky’s business strategies have historically delivered strong results for shareholders and the company has a tremendous portfolio of assets to fuel mid to long-term growth...however, a key goal is delivering near-term production growth. We are rebalancing Husky’s portfolio to direct a measure of capital to low cost, high return projects to achieve this near-term goal while maintaining the integrity of our long-term objectives.”
The company primarily blamed the strength of the Canadian dollar in connection to decreasing the value of commodity prices, which had performed strong in the quarter, for their dismal numbers. They also used the poor weather in Western Canada as a reason for lower heavy oil production.
Since the latter part of September 2008, the share price of the company has gone nowhere, and there's nothing in this report to indicate that's going to change any time soon.
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