CALGARY _ Husky Energy (TSX:HSE) reported a second-quarter profit of $120 million, down from a year ago, as it was hit by lower oil and natural gas prices and an increase in corporate taxes in Alberta.
The company said the profit amount to 10 cents per diluted share for the three months ended June 30 compared with a profit of $628 million or 63 cents per diluted share a year ago.
Revenue, net of royalties, totalled $4.39 billion, down from $6.31 billion.
Husky said it was hit by lower realized crude oil and North American natural gas prices and a deferred income tax charge of $157 million related to an increase in Alberta provincial tax rates in the quarter.
Production averaged 337,000 barrels of oil equivalent per day compared with 334,000 boepd a year ago.
In its outlook, Husky said it expects approximately 85,000 barrels per day of new production is expected to come online by the end of next year.