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CALGARY, Alberta — Husky Energy has reached an agreement for the sale of select assets in southwest Saskatchewan for C$595 million to Whitecap Resources.
For the past six years, Husky has been transitioning its Western Canada business from a legacy basin to one with fewer, more material resource plays. Work to progress the planned sale of several other packages in Western Canada continues.
The sale of the southwest Saskatchewan assets and the continued transformation of the Western Canada business are expected to deliver financial efficiencies, allowing capital to be more effectively deployed toward higher-return projects in the company’s portfolio.
“Today’s announcement is another step in the transition of our Western Canada portfolio into a more focused and efficient business,” said CEO Asim Ghosh. “Over the past two months we have made significant progress on three major divestiture initiatives that will materially strengthen our balance sheet and further our transition into a low sustaining capital business.”
This is Husky’s third asset sale agreement this year. Husky agreed to sell a 65% ownership interest in select midstream assets in April for $1.7 billion, while retaining 35% ownership in a newly formed limited partnership and remaining the operator. Earlier this month, the company reached an agreement under which it will realize $163 million in cash proceeds from the sale of royalty assets in Western Canada.
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