Husky Energy reported Thursday it had a net loss of $304 million in the second quarter of this year compared to net earnings of $370 million in the second quarter of 2019.
In a news release, the company recorded funds from operations of $18 million in the second quarter. Cash flow from operating activities, which includes changes in non-cash working capital, was a loss of $10 million.
“Husky quickly adapted to the global market downturn by immediately reducing capital spending, implementing sustainable cost savings measures and reinforcing our liquidity position,” said CEO Rob Peabody, in a statement.
“The early actions we took in the first half of 2020 to dial back production in response to the severe reduction in product demand has effectively stabilized our business, and in May and June, our net debt position.”