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Husky posts lower fourth-quarter profits; Liwan project nears start-up

The Canadian Press

CALGARY - Husky Energy Inc. (TSX:HSE) saw a dip in profits during the last three months of 2013 compared to the same period a year earlier, but beat market expectations.

Adjusted quarterly earnings were $412 million, down from $487 million a year earlier.

On a per-share basis, the adjusted earnings of 42 cents beat the average analyst estimate of 38 cents per share, according to Thomson Reuters.

Daily production was 308,000 barrels of oil equivalent per day, down from 319,000 during the same 2012 quarter.

Revenues, net of royalties, were $5.9 billion, up from $5.7 billion a year earlier.

Net earnings dropped to $177 million, or 18 cents per share, from $474 million, or 48 cents per share. That included an after-tax impairment charge of $204 million related to its natural gas properties in Western Canada.

Husky, controlled by Hong Kong billionaire Li Ka-shing, says it's preparing to start up its massive, multibillion-dollar Liwan offshore natural gas platform in the South China Sea. Its Sunrise oilsands project is also nearing completion, with start-up expected in the second half of 2014.