Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

West White Rose Suspension

[Dogsbreakfast4U]

CALGARY, Alberta, March 22, 2020 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) today announced that it will begin asystematic and orderly suspension of major construction activities related to the West White Rose Project. The decision reinforces Huskys objective to prevent the transmission of the COVID-19virusamongits employees,contractors, and the community.The Company carefully assessed the risks anddeterminedthey could not be adequately mitigated for such a large construction workforce. We are taking the steps necessary to keep our people and our construction sites safe, said CEO Rob Peabody. Theseare the right decisions for our people, their families and thecommunity. Husky is working cooperatively with its contractors to safely suspend all activities, and to demobilize and secure its construction sites. Production from the White Rose field and its satellite extensions, located 350 kilometres off the coast of Newfoundland and Labrador, is continuing withenhancedworkforcecontrol measures introduced to ensure the ongoing safe operations on theSeaRosefloating production, storage and offloading vessel.

[Eigen337]

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[Manthebull]

Can this tank the share price tomorrow?

[onec007]

The Dow is already down over 900 points plus oil is down 5%. Most likely the news will be negative given the the reasons above. Interesting that on Husky's website they will provide a business and capital spending plan update in due course. This is interesting given that they already announced 1 billion cut so possibly they might be able to also suspend West Rose so they can bring the capex

[RagingBull3]

Cash Flow is important, but bottom line is Profits.   At $25, even if HSE manages to Cash Flow neutral, it will probably produce a huge loss.  It's all about profits.... that's mostly determined by oil price.   If oil is heading south tommorrow, HSE share price most likely to follow..... but it's hard to imagine it falling much further.  

[RagingBull3]

The right move for so many reasons.    Looks like still no Dividend cut yet.... just cutting expenses/cap ex.  Why drill for oil when you can buy a barrel for less than a meal at McDonalds?   Just go out and buy the oil HSE needs for it's downstream operations...... although I think they are probably hurting also.... prices at the pumps took a nosedive also.

[Catscratch]

I agree, suspending White Rose is positive.  Perhaps news of this leaked on Friday which lead to the rally in the stock.... hopefully that rally continues now that HSE has cut almost all growth capex. Husky is a survivor (and massively undervalued).... 1) Strong balance sheet: sizable cash balance, credit availability and debt is termed out nicely over the next 17 years with very little due

[mrbb]

the WRR suspension is a no brainer. I believe hse did the right thing. It's more for health and safety reason than for cutting capex sake. Yes, balance sheet is important but husky can't afford another bad luck like having a covid19 spreading on construction site. Husky is working very hard to earn back the trust of investor in health and safety record.  If only 1 site worker get

[pablo87]

Also, Equinor suspended its Bay du Nord project last week. Husky owns 35%.

[firstworld]

Makes sense HSE has first Calibre final political risk team and the know that the Canadian constitution does not say anything about rights to personal property so everything is up for nationalization now, especially with communist traudeau and socialists NDP able to do whatever they want like a good dictatorship. LKS shoud have HSE loan one of his HK companies every penny of cash and credit