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

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Husky Energy cuts 2020 budget by $1-billion

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mrbb Dividend is as good as gone. One look at the cash flow sensitivitiy to WTI, 321Crack, and FX, and the current prices of these shows you that they barely have the cash flow to fund sustaining capex, let alone growth capex or dividend. Cutting expenditures significantly to the offshore projects (canda and asia) is likely not feasible. I think they announced the capex cut and held off on any dividend news because it was still unclear how prolonged the Russia-KSA price war and depth of covid19 impact on the economy would be. That has since rapidly become much clearer. Expect the cut to be announced in Q1 earnings in April. Zero doubt in my mind it is going to zero.