Husky cuts five-year budget, raises cash flow target

Husky Energy Inc on Tuesday cut its five-year budget and raised its free cash flow target, at a time when investors have been calling on oil and gas companies to shore up capital for buybacks and dividends.

Husky now expects to spend an average of $3.15 billion annually from 2019 to 2023, compared with its previous 2018 to 2022 average of $3.5 billion. Total free cash flow before dividends is expected to reach $8.7 billion at a flat $60 U.S. crude price.

(Reuters)