OREANDA-NEWS. Husky Energy delivered another strong performance in the second quarter, achieving several key milestones including the successful installation of the topsides for the Liwan Gas Project in the Asia Pacific Region and the confirmation of a second deepwater discovery in the Atlantic Region.

"This quarter once again demonstrated the consistent execution of our business plan and the benefit of our focused integration," said CEO Asim Ghosh.

Net earnings of USD 605 million were up more than 40 percent compared to USD 431 million over the same period in 2012, when the SeaRose and Terra Nova Floating Production, Storage and Offloading (FPSO) vessels in the Atlantic Region were undergoing scheduled maintenance. Cash flow from operations was approximately USD 1.45 billion, compared to USD 1.15 billion in the second quarter of 2012.

Total Upstream production was approximately 310,000 barrels of oil equivalent per day (boe/day). The Downstream refineries and upgrader realized average throughputs of about 317,000 barrels per day (bbls/day).

Performance Highlights Include:
* Net earnings were USD 605 million, or USD 0.59 per share (diluted), compared to USD 431 million, or USD 0.43 per share (diluted) in the second quarter of 2012.
* Cash flow from operations in the second quarter was USD 1.45 billion, or USD 1.47 per share (diluted), compared with approximately USD 1.15 billion, or USD 1.17 per share (diluted) in 2012.
* Total Upstream production was 310,000 boe/day, up from 282,000 boe/day in the second quarter of 2012, with production weighted 73 percent towards oil and liquids compared to 67 percent in the second quarter of 2012.
* Drilling was completed at the 3,500 bbls/day Sandall heavy oil thermal project, with planned startup in 2014.
* A gas sales agreement was signed for the Liuhua 34-2 field in the Asia Pacific Region, with first production from the Liwan Gas Project on schedule for the late 2013/early 2014 timeframe.
* A development plan amendment for the South White Rose Extension in the Atlantic Region received regulatory approval and the project is advancing towards planned gas injection later this year and first oil production in late 2014.
* A second deepwater oil discovery offshore Newfoundland and Labrador encountered light, high quality oil approximately 10 kilometres southeast of the previously announced Mizzen discovery, and evaluation is continuing.