Husky Energy said it would sell some assets in southwest Saskatchewan for C$595 million ($461 million) to fellow oil and gas producer Whitecap Resources Inc as it looks to raise cash, according to Reuters.
This is Husky’s third asset sale this year. The company said on Tuesday the planned sale of several other assets in Western Canada was on track. Husky has been hammered by a nearly two-year slump in crude prices. The company announced plans in December to raise cash by selling assets, including around 60,000 barrels per day of non-core conventional oil and gas production. Husky’s shares have lost nearly 38 percent of their value in the last 12 months.
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