HSE Stock Sinks on Disappointing Earnings and Major Layoffs

HSE stock is in the red today after Husky Energy (TSX:HSE) (OTCPK:HUSKF) reported underwhelming third-quarter results and announced plans to layoff an indefinite number of its staff.

Husky reported a 50% drop in quarterly profit as its refining margins are squeezed by rising Canadian crude oil prices due to Alberta’s recently implemented production curbs in an effort to reduce carbon pollution. Net earnings fell to $273 million CAD, or 26 cents per share, for the quarter ended September 30, compared to $545 million CAD, or 53 cents per share, a year earlier. The Calgary-based company’s average ...