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MARKETS LIVE BLOG:

DOW POSTS 6TH DAY OF GAINS BUT NASDAQ SLIPS

Robinhood shares surge as company tops Wall St. estimates for quarterly profit, revenue

Husky Energy slashes 2020 capital spending plans by C$900 million

Reuters
·1 min read

(Reuters) - Canadian oil and gas producer Husky Energy <HSE.TO> followed rivals and cut its 2020 capital spending budget by C$900 million on Thursday, citing challenging global market conditions.

The company said it now expects to spend between C$2.3 billion and C$2.5 billion in 2020, down from its previous guidance of C$3.2 billion–C$3.4 billion.

Calgary, Alberta-based Husky also lowered its 2020 annual production forecast to about 275,000-300,000 barrels of oil equivalent per day (boepd), compared with its prior forecast of about 295,000-310,000 boepd.

Earlier this week, major rivals Cenovus Energy <CVE.TO> and MEG Energy <MEG.TO> also announced cuts in their 2020 capital budgets, after crude prices slumped to their lowest levels in more than three years.

(Reporting by Shradha Singh in Bengaluru; Editing by Krishna Chandra Eluri)