HUSKF - Husky Energy hit by impairments; reports Q3 loss of $7B

Cenovus Energy reported a loss in its Q3 as its results were hit by a $450M impairment charge related to a refinery it co-owns with Phillips 66 in Texas and lower oil prices due to the pandemic.Meanwhile, Husky Energy ([[HUSKF]] -5.6%), which Cenovus is buying in a friendly takeover deal valued at $3.8B, reported a nearly $7.1B during Q3, hit by $6.7B in non-cash impairment charges related to lower long-term commodity price assumptions and reduced capital investment.Husky said says its losses amounted to $7.05 per share, compared with a profit of 26 cents per share a year ago. Revenue totaled $3.33B, down from $5.29B a year ago.Funds from operations amounted to $148M, much lower than $1.02B reported in the same quarter last year.Total upstream production averaged 258,400 barrels of oil equivalent per day with 294,800 in Q3 of 2019 and 246,500 in Q2 of 2020.

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Husky Energy hit by impairments; reports Q3 loss of $7B