Lima Refinery owner reports earnings more than double

CALGARY, Alberta — Husky Energy Inc. reported on Thursday a 135 percent increase in net earnings in 2011 from production growth, higher crude oil prices and improved refining margins.

The company had net earnings of $2.2 billion for 2011, compared with $947 million in 2010.

Results in the fourth quarter contributed to the momentum, with net earnings increasing 194 percent, nearly tripling, compared to the same period a year ago, as production grew 14 percent. Production in the fourth quarter averaged 318,900 barrels of oil equivalent per day.

Husky owns the Lima Refinery.

“The positive results in the fourth quarter capped a solid year of performance for the Company,” said CEO Asim Ghosh, in a report of earnings for the year and fourth quarter. “We were able to capitalize on improved crude oil prices and refining margins by increasing production and by maintaining high operational performance in our upgrading and refining facilities.”

Husky's production increased 9 percent in 2011 over 2010.

Husky achieved a number of key milestones in bringing forward major projects in the Asia Pacific Region, Oil Sands, and the Atlantic Region. The Liwan Gas Project in the South China Sea was sanctioned with significant progress made towards production; major construction and drilling activity began on the Sunrise Energy Project in the oil sands; and first production was achieved at the West White Rose satellite field offshore Newfoundland, company officials said.