E N E R G Y & I N F R A S T R U C T U R E
Husky’s Strong Earnings to Fuel Exploration
Husky Energy’s
net earnings for Q4
2002 increased by 438% to C$242 million
(approximately US$160 million) compared
to C$45 million in the same period the
year before. Net earnings for 2002
increased 23% to C$804 million (C$1.88
per share – diluted).
Following a 47% increase in net earnings
for Q3 2002, the company in December
announced a capital expenditure of
approximately C$1.8 billion for 2003.
Planned expenditures reflect
Husky’s focus on
long-term projects such as the White
Rose offshore oil project in the Jeanne
d’Arc Basin off the east coast of Canada,
exploration and development programmes
in the South China Sea, and oil sands
development at the Tucker and Kearl
properties in Canada.
A total of C$1.66 billion was earmarked
for Husky’s upstream segment.
Husky estimates production of 305 to 325
thousand barrels of oil equivalent per day
during 2003.
In November, Husky announced that a
significant natural gas discovery in
Shackleton, Saskatchewan, would add
approximately 75 billion cubic feet of
proven natural gas reserves in 2002 and
increase reserves to 250 billion cubic feet
over the next two to three years.
Husky has completed two
gathering and compression
systems to develop the 300,000-
acre Shackleton field.Together
these systems are designed to
handle up to 30 million cubic feet
per day.
In February, Husky announced it
had entered into a series of
commodity hedging contracts for
2003 that hedge 26 million barrels
of crude oil at an average strike
price of approximately US$29.50.
These hedges cover approximately
34% of expected crude oil
production for 2003.The Company also
has 37 billion cubic feet of natural gas
hedged at approximately US$5.20 per
MMBtu, representing about 17% of its
expected natural gas production for 2003.
P R O P E R T Y & H O T E L S
Hot Property
The Horizon Cove residential project in
Zhuhai, southern China, has been
awarded the “
Xin Xin Ren Jia
garde) Architectural Design Prize” by the
Center for Housing Industrialization
Ministry of Construction P.R. China
China Real Estate News
for its
supreme design and construction.
CrossCity Motorwa
y, a joint venture of
Cheung Kong Infrastructure
DB Capital Partners
(30%) and
Bilfinger Berger BOT
(20%), started work in January
on a major transport infrastructure
project in Sydney, Australia.
When completed, the 2.2km Cross City
Tunnel will revolutionise travel patterns
across Sydney, taking a large number of
vehicles per day off the city’s streets,
improving environmental quality and
freeing up the city for pedestrians and
public transport.
Tunneling Begins
Hutchison Whampoa Property
has put
Britain’s most expensive flat on the market
– for an estimated £10 million
(approximately US$16 million).
For those who can dig deep enough, the
prized penthouse, located at the Albion
Riverside development in Battersea, South
London, is the size of three Wimbledon
centre courts.
Designed by world-renowned architect Sir
Norman Foster, right down to the
bathroom fittings, the Albion is both high-
tech and high luxury.The top floor, with
13 luxury penthouse suites, is due for
completion this year.
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