Toronto Star articles, please go to: www.TorontoStarReprints.com, The Toronto Star and thestar.com, each property of Toronto Star As of the end of the first quarter, the Company had approximately $4.7 billion of liquidity, comprised of $1.3 billion in cash and $3.4 billion in available credit facilities. To order Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share. Peabody said on the call that Husky has decided to cancel spending in 2021 on its partly completed $2.2-billion West White Rose offshore oil project.
“Over the past several months as we worked together on this transaction, from a value and strategic perspective, the merits and overall fit have become abundantly clear,” he said on the call. Republication or distribution of this content is expressly prohibited without the prior written consent of Toronto This report by The Canadian Press was first published Oct. 25, 2020. The Company has no long-term debt maturities until 2022. The Husky Lloydminster Upgrader, located in Lloydminster, Saskatchewan. A project at the Upgrader to increase diesel production from 6,000 bbls/day to nearly 10,000 bbls/day has also been deferred to late Q3 2020. The BD Project in the Madura Strait offshore Indonesia has returned to full rates following planned maintenance in the first quarter. Reducing production minimizes our negative cash margin exposure.”. Our priority is the health and safety of our workforce, their families and the community. This agreement called for an integrated project consisting of an upgrader, Husky's Lloydminster refinery and associated field operations. As a result, updated 2020 production and throughput guidance will not be provided at this time. Husky’s focus remains on process and occupational safety, and increasing the resilience of the Company. Husky also has an upgrader and asphalt refinery near Lloydminster on the Alberta-Saskatchewan border — which could be used to process Cenovus … Husky continues to prioritize its balance sheet, supported by significant liquidity. “It is unique for the assets of two companies to complement each other this well,” he said on a conference call on Sunday. To date, Integrated Corridor production has been reduced by more than 80,000 barrels per day (bbls/day), most of which is heavy oil, with the ability to reduce even further while preserving the option to quickly ramp back up should pricing conditions allow. Husky's asphalt refinery, in Lloydminster, Alberta, produces more than 30 different types and grades of road asphalt. We have taken steps to protect our employees and contractors, whether working in the office or in the field. Husky Lloydminster Upgrader. Husky purchases grain from local producers to make ethanol, which is blended into gasoline to reduce greenhouse gas emissions from vehicle exhaust. Husky also has an upgrader and asphalt refinery near Lloydminster on the Alberta-Saskatchewan border — which could be used to process Cenovus … ... (EOR) assets and the Tucker Thermal Project, and the Lloydminster Upgrader and Asphalt Refinery. The transaction has been approved by both boards and is expected to close in the first quarter of 2021, pending shareholder and regulatory approvals. Due to the current market environment, Husky has suspended the strategic review of its Canadian retail and commercial fuels business, which consists of more than 500 stations, travel centres, cardlock operations and bulk distribution facilities. Husky holds a 75% working interest in the field, which once fully ramped up will add approximately 9,000 barrels of oil equivalent per day to its fixed-price Asia Pacific production. Integrated Corridor production is being aligned with upgrading and refining requirements as throughput is adjusted and optimized in line with changing market conditions. An expansion project underway in 2020 will help the company increase diesel production from 6,000 to 9,000 barrels per day. to colleagues, clients or customers, or inquire about To order copies of Companies in this story: (TSX:CVE, TSX:HSE), Copyright owned or licensed by Toronto Star Newspapers Limited. He added about $200 million in savings will come from sharing technical expertise and the other $600 million through better use of capital by focusing on assets with higher return potential. In June 1984, an agreement in principle was signed by the governments of Canada, Alberta and Saskatchewan and Husky Oil of Calgary. Husky also has an upgrader and asphalt refinery near Lloydminster on the Alberta-Saskatchewan border — which could be used to process Cenovus bitumen in future — and is repairing a refinery in Wisconsin after a fire in 2018. Western Canada oil and gas production is being reduced or shut in. Both entities have agreed to support the transaction, which will leave them with about 27.2 per cent of the merged company.
Read Husky’s Suppliers update (pdf). Commissioning activities are being completed at the 10,000-barrel-per-day Spruce Lake Central thermal project, with enhanced health and safety protocols in place. Other maintenance work at Sunrise will proceed where necessary and safe to do so, with operations and production modified in accordance with maintenance requirements. Husky Midstream is an independent midstream company that owns and operates pipelines, and storage & processing facilities for crude oil and natural gas producers in Alberta and Saskatchewan, and is exclusively responsible for blending Western Canada Select (WCS), the … 100 years of engineering and geoscience stories from across Alberta. About 3.2–million hours of engineering work went into the project, which was designed exclusively by Alberta and Saskatchewan firms. Husky is responding to the evolving COVID-19 situation, with safety and health protection plans in place that incorporate medical advice for all its sites. The combined companies are expected to be able to sustain output at about 750,000 barrels of oil equivalent per day for about $2.4 billion a year, 25 per cent less than required separately, Pourbaix said. Rebuild costs are expected to be substantially covered by property damage insurance. They’ve also agreed to a standstill agreement under which they are subject to certain voting requirements and transfer restrictions for a maximum of five years. These vary depending on the requirements of the site, however all locations: We have taken additional steps at projects where there were larger construction or maintenance crews on-site, including suspending major construction activities at the West White Rose Project, suspending construction activities at the Superior Refinery rebuild and deferring a turnaround at the Lloydminster Upgrader. ... Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a … Combining the companies will create annual savings of $1.2 billion, largely achieved within the first year and independent of commodity prices, the companies said. Individuals approved to work on specific sites are not allowed on-site if they have flu-like symptoms or have been in contact with someone who has tested positive for COVID-19 within the past 14 days. It was built in Saskatchewa n, but Alberta engineers played a major role developing the $1.6 – billion Husky Energy heavy oil upgrader in Lloydminster, a city that literally straddles the borders of the two provinces. It was built in Saskatchewan, but Alberta engineers played a major role developing the $1.6–billion Husky Energy heavy oil upgrader in Lloydminster, a city that literally straddles the borders of the two provinces. Continuing to advance process and occupational safety performance, Reducing and deferring all discretionary capital spending, Reducing production and refinery throughput to address near-term negative cash margins until supply and demand is rebalanced, Restrict non-essential personnel and visitors, Undergo more frequent and deeper cleaning of common areas and common touch points, Stagger breaks and lunch times to reduce the number of people in an area at one time, Add more hand washing and sanitization stations, Practice social distancing of 2-3 metres and good hygiene. All Husky Energy's Lloydminster Upgrader in Lloydminster, Sask. The Bi-Provincial Upgrader (BPU) was officially opened on November 20, 1992. The Husky Energy upgrader facility is photographed in Lloydminster, Saskatchewan. We respect your privacy and will never share your information with third parties. Husky is controlled by Hong Kong billionaire Li Ka-Shing through Hutchison Whampoa Europe Investments SARL, with 40.1 per cent, and L.F. Investments SARL, which holds 29.32 per cent of the company’s common shares. 2020 capital guidance is further revised as follows: Husky continues to safely shut-in production across its Integrated Corridor business, where appropriate. The planned drydock for the Terra Nova FPSO vessel is being reviewed by the operator and alternative options are being considered to complete maintenance work and asset-life extension activities. Husky operates Sunrise and its partner operates the jointly-owned BP-Husky Toledo Refinery near Toledo, Ohio. https://discoverapega.ca/stories/plans-approved-for-lloydminsters-billion-dollar-upgrader/. Newspapers Limited, One Yonge Street, 4th floor, Toronto, ON, M5E 1E6. The combined company’s board of directors is to be made up of eight Cenovus appointees and four from Husky. “As the market rebalances supply with demand over a very short period in North America, negative cash margins before operating costs are occurring. Husky has production from a deepwater gas project offshore China with Chinese partner CNOOC Ltd., produces oil offshore Newfoundland and Labrador and owns a chain of retail fuel stations. Husky has a 72.5% working interest in the White Rose field and a 68.8% working interest in the satellite extensions, including West White Rose. Current U.S. refinery throughput has been reduced by around 95,000 bbls/day, or approximately 40% below maximum capacity. The term loan proceeds have been used to repay syndicate drawings advanced to repay the maturing 5.0% notes on March 12, 2020. To gain access to a Husky facility in Canada, individuals must complete Husky’s COVID-19 health declaration. A planned turnaround scheduled to begin in April 2020 has been deferred to late Q3 2020, given the current safety and public health risks inherent in mobilizing and maintaining a large construction workforce during the COVID-19 pandemic.
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