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  • Husky Energy Announces Agreement to Sell Prince George Refinery
    édité le 07/10/2019 - Plus de news de "Husky Energy" - Voir la fiche entreprise de "Husky Energy"


Husky Energy Announces Agreement to Sell Prince George Refinery
Husky Energy announced it has reached an agreement for the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure for $215 million in cash plus a closing adjustment for inventory, and a contingent payment of up to $60 million over two years.

Husky previously announced it was considering selling the Prince George Refinery to focus on its Integrated Corridor and Offshore businesses. The Integrated Corridor is a series of physically-linked assets that includes upstream thermal crude production, storage, committed pipeline capacity and refineries. The Integrated Corridor is designed to maximize margin capture, access to markets and optionality. The Offshore business focuses on oil and gas production off Canada’s East Coast and in the Asia Pacific region.

“We continue to deliver on Husky’s five-year plan outlined at our Investor Day in May, with an ongoing focus on capital discipline, consistent execution and increased margins,” said CEO Rob Peabody. “The plan is aimed at further enhancing the resiliency of the Company.”

Proceeds of the sale will be used in accordance with Husky’s funding priorities, which include maintaining the strength of the balance sheet and returning value to shareholders.

Tidewater is retaining all Refinery staff.

The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals.

The 12,000 barrel-per day Prince George Refinery, located in Prince George, B.C., processes light oil into low-sulphur gasoline and ultra-low sulphur diesel, along with other products. As part of the sale, Husky will enter into a five-year offtake agreement with Tidewater for refined products from the Prince George Refinery.

The strategic review of Husky’s retail and commercial fuels business continues to progress.

TD Securities Inc. is acting as financial advisor, with Torys LLP as legal advisor.

About Husky

Husky (TSX:HSE) is an integrated energy company headquartered in Calgary, Alberta. It has approximately 5,200 employees and has average daily production of about 320,000 barrels of oil equivalent per day.

The Company has two main areas of focus:

- The Integrated Corridor includes natural gas, non-thermal oil, NGLs and thermal production from Western Canada, the Lloydminster upgrading and asphalt refining complex, the Husky Midstream Limited Partnership (35 percent working interest and operatorship), and the Lima and Toledo refineries in the U.S. Midwest. Gas production from the repositioned Western Canada portfolio is closely aligned with the Company’s energy requirements for refining and thermal bitumen production, and acts as a natural hedge.

- The Offshore business includes operations and exploration in the Asia Pacific region, primarily offshore China, Indonesia and Taiwan, and in the Atlantic, offshore Newfoundland and Labrador. Each area generates high-netback production, with near and long-term investment potential.

About Tidewater

Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to build a diversified midstream and infrastructure company in the North American natural gas, natural gas liquids ("NGL"), and crude oil space. Its strategy is to profitably grow and create shareholder value through the acquisition and development of oil and gas infrastructure. Tidewater plans to achieve its business objective by providing customers with a full service, vertically integrated value chain through the acquisition and development of oil and gas infrastructure including: refineries, processing plants, pipelines, railcars, trucks, export terminals and storage facilities


Origine : Communiqué Husky Energy

Voir la fiche entreprise de "Husky Energy"





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