Canadian oil and gas producer Husky Energy Inc. said Jan. 8 it will conduct a strategic review and is considering a sale of its noncore downstream assets.
The company said the assets would include its Canadian retail and commercial fuels business and its Prince George Refinery.
The move comes as Husky intends to focus on its core assets in Atlantic Canada and the Asia Pacific region.
RELATED: Husky Energy Plans $3.4 Billion Capex Program For 2019
CEO Rob Peabody said the decision follows the company's plans to aligns its heavy oil and downstream businesses to form one integrated corridor.
Husky's retail and commercial network consists of over 500 stations, travel centers, and bulk distribution facilities from British Columbia to New Brunswick.
The company's Prince George Refinery has a capacity of 12,000 barrels per day and supplies refined products to retail outlets in the central and northern regions of British Columbia.
The Calgary, Alberta-based company said the potential disposition is being undertaken independent of the outcome of Husky's proposed acquisition of rival MEG Energy Corp.
Recommended Reading
ShearFRAC, Drill2Frac, Corva Collaborating on Fracs
2024-03-05 - Collaboration aims to standardize decision-making for frac operations.
Exclusive: Carbo Sees Strong Future Amid Changing Energy Landscape
2024-03-15 - As Carbo Ceramics celebrates its 45th anniversary as a solutions provider, Senior Vice President Max Nikolaev details the company's five year plan and how it is handling the changing energy landscape in this Hart Energy Exclusive.
Remotely Controlled Well Completion Carried Out at SNEPCo’s Bonga Field
2024-02-27 - Optime Subsea, which supplied the operation’s remotely operated controls system, says its technology reduces equipment from transportation lists and reduces operation time.
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.