Husky Energy Provides Update on Lima Refinery Operations

abarrelfull wrote on 01 Jul 2011 06:12
Tags: husky refinery usa

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Husky Energy Inc. (TSX:HSE) reports that it has temporarily suspended production at its refinery in Lima, Ohio, in order to carry out repairs on a crude unit furnace.

A controlled shutdown of the crude unit furnace was initiated on June 27, following the discovery of a small leak in a radiant tube inside the unit. There are no environmental releases or safety issues associated with the event.

It is estimated it will take approximately 10 days to complete the repairs and return the crude unit furnace to normal operations. During this period a minimum amount of finished product will be produced from fuels in inventory. The Company will manage crude oil inventories by selling excess crude into the market.

The overall pre-tax impact, including repair costs, is estimated as an opportunity cost of between $15 to $20 million, which considers the current market price environment. The impact will be reflected in third quarter results. Husky plans to carry out pro-active maintenance work while repairs are being completed.

Husky Energy is one of Canada's largest integrated energy companies. It is headquartered in Calgary, Alberta, Canada and is publicly traded on the Toronto Stock Exchange under the symbol HSE and HSE.PR.A. More information is available at www.huskyenergy.com

• Husky Energy Provides Update on Lima Refinery Operations

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