CALGARY - Husky Energy Inc. (TSX:HSE) profit edged up slightly in the third quarter, with reduced operating expenses offsetting the impact of lower oil prices and production.
The Calgary-based oil and gas company's net income increased to $526 million in the three months ended Sept. 30 from $521 million a year earlier.
Husky's net earnings per share was unchanged at 53 cents.
Husky's revenue was down by more than half a billion dollars, falling to $5.3 billion from $6 billion before paying royalties in the third quarter of 2011.
Husky made up for the lower revenue by reducing operating expenses to $4.5 billion from $5 billion.
"We remain focused on delivering value to shareholders as we continue to build operational momentum in a volatile commodity price environment," said Asim Ghosh, Husky's chief executive officer.
Analysts had been expecting about 40 cents per share of adjusted earnings and 49 cents of net income before adjustments.