", Husky CEO Rob Peabody added it's the "start of a new chapter.". "Over the past several months as we worked together on this transaction, from a value and strategic perspective, the merits and overall fit have become abundantly clear," he said on the call. Husky Energy Inc. has agreed to sell its light oil refinery in Prince George, B.C., for $215 million in cash plus adjustments to Tidewater Midstream and Infrastructure Ltd. Tidewater may also pay up to an additional $60 million over two years under certain contingencies. For drilling firms, that has meant job losses in the tens of thousands and a sharp reduction in pricing power owing to a glut of rigs and other unused equipment.

Welcome to The Globe and Mail’s comment community. your subscription today. Readers can also interact with The Globe on Facebook and Twitter . The transaction has been approved by both boards and is expected to close in the first quarter of 2021, pending shareholder and regulatory approvals.

Husky is controlled by Hong Kong billionaire Li Ka-Shing through Hutchison Whampoa Europe Investments SARL, with 40.1 per cent, and L.F. Investments SARL, which holds 29.32 per cent of the company's common shares. The two companies are partners in the Liwan deepwater gas in the South China Sea. CALGARY — A surprise move by Cenovus Energy Inc. to buy rival Husky Energy Inc. for $3.8 billion in shares will create the third-largest Canadian oil and natural gas producer by total production, the companies announced Sunday. Service companies and their oil-company customers are taking a conservative approach to reviving dormant plans, a sign of lingering skepticism that the rally is sustainable.

Several forecasters said there is room for prices to sink lower now that the world's top exporters have abandoned plans to curb a global glut.

Husky has production from a deepwater gas project offshore China with Chinese partner CNOOC Ltd., produces oil offshore Newfoundland and Labrador and owns a chain of retail fuel stations. Combining the companies will create annual savings of $1.2 billion, largely achieved within the first year and independent of commodity prices, the companies said. Husky Considering Sale of Non-Core Downstream Assets CALGARY, Alberta, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) today announced it will undertake a strategic review and will potentially sell its Canadian retail and commercial fuels business and its Prince George Refinery.

Husky also said it could take legal action against China's CNOOC Ltd. over possible changes in the Guangdong gas market, which it said could lead to lower prices. COVID-19 Updates ; Operations.
To cope, Precision and others have sought relaxed conditions from lenders on various debt obligations. NEW YORK, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Husky Energy… Mushroom pickers find a Wild West in backwoods of rainforest, Sobering COVID-19 milestones reached by hardest hit Canadian provinces, Husky Energy gets help from Q2 tax relief but profit down from year earlier, 'We're deeply sorry:' Husky fined $3.8M for leak into North Saskatchewan River, Oil curtailment mistakes spawn costly Alberta rail plan, Husky execs say, Support award-winning independent journalism with Careers . Cenovus owns 50 per cent of two U.S. refineries in Illinois and Texas in partnership with Phillips 66, and Husky owns a refinery in Lima, Ohio, and is a 50-50 partner with BP in a refinery in Toledo, Ohio. "We are not yet convinced that prices will remain here or go even higher this quarter," Barclays PLC analysts said in a report.

Energy Level: High Coat: Thick and medium-length Shedding: Heavy Hypoallergenic: No. File photo by The Canadian Press/Jeff McIntosh. On Monday, the company said it secured new terms with its banks, including a provision that requires earnings before interest, taxes, depreciation and amortization to stay above 1.5 times interest expenses, compared with two times under the previous arrangement. The merger combines Cenovus production of about 475,000 boe/d with Husky's 275,000 boe/d and their combined refining and upgrading capacity is expected to total about 660,000 barrels per day (Cenovus 250,000 bpd, Husky 410,000 bpd).

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The combined company will be better able to weather energy market volatility while generating more cash flow, reducing debt and cutting overall costs, said Cenovus CEO Alex Pourbaix, who will head the merged entity.

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