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Husky posts Q3 earnings drop on lower crude prices, refining margins

Husky Energy Inc. on Oct. 24 posted C$273 million, or 26 Canadian cents per share, in net earnings for the third quarter, compared to C$545 million, or 53 Canadian cents per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus earnings estimate for the third quarter was 26 Canadian cents per share.

Cash flow from operating activities clocked in at C$800 million, a decrease from C$1.28 billion in the year-ago period. Free cash flow amounted to C$153 million, down from C$350 million.

Husky attributed the decrease in net earnings to the impacts of lower crude oil prices and lower U.S. refining margins.

The Calgary, Alberta-based oil and gas producer's average upstream production came in at 294,800 barrels of oil equivalent per day, a decrease from the 296,700 boe/d reported a year earlier.