#6+ financial statements of a company
CALGARY, Alberta, Jan 17, 2019 (GLOBE NEWSWIRE via COMTEX) — Activity asleep January 16 with minimum breakable activity not met
Husky will not extend its activity accustomed abridgement of MEG Board and actor abutment
Company to focus on developing its abysmal portfolio of amoebic beforehand projects as set out at Investor Day on May 28, 2018
Potential denial of Husky’s retail business and Prince George Refinery will continue; gain accommodate for added banknote allotment to shareholders and accelerating amoebic beforehand investments
CALGARY, Alberta, Jan. 17, 2019 (GLOBE NEWSWIRE) — Husky Energy (HSE) today appear that its activity for MEG Energy asleep on January 16 and that the minimum breakable activity was not met. Due to bereft MEG Board and actor support, Husky has absitively not to extend its offer.
Since the activity commenced 105 canicule ago, there accept been several abrogating surprises in the business and bread-and-butter environment, including:
The Government of Alberta ancient from chargeless bazaar principles, introducing ambiguity through the artifice of government-mandated assembly cuts Continued abridgement of allusive beforehand on Canadian oil consign activity developments
“Given the aftereffect of the breakable process, Husky will abide to focus on basic conduct and the commitment of the five-year plan we set out at our Investor Day in May 2018,” said CEO Rob Peabody. “We are beforehand in reliable, college allowance assembly beforehand that continues to lower the oil amount we allegation to breach even. Both our Integrated Corridor and high-netback Offshore businesses accept all-around appraisement and accommodate insulation from advancing article amount volatility.”
Record circadian assembly ante were accomplished at the Sunrise Energy Project (62,600 barrels per day (bbls/day) gross) and Tucker Thermal Project (31,700 bbls/day) in the fourth division of 2018. Sunrise has been in operation back 2015, with cogent investments fabricated to enhance assembly over the accomplished three years. Husky continues to assignment with the Alberta government to abate inequities in the abbreviation methodology, costs and added adventitious consequences.
Husky’s banking priorities are to beforehand a able antithesis sheet, acknowledgment banknote to shareholders through a allotment and to beforehand in a abysmal portfolio of amoebic projects, which added improves its resiliency and provides for able and abiding chargeless banknote flow.
All MEG shares that accept been tendered to the activity will be promptly alternate to shareholders.
Investor Inquiries: Media Inquiries: Dan Cuthbertson
Certain statements in this account absolution are advanced statements and advice (collectively, “forward-looking statements”) aural the acceptation of the applicative Canadian balance legislation, Section 21E of the United States Balance Exchange Act of 1934, as amended, and Section 27A of the United States Balance Act of 1933, as amended. The advanced statements independent in this account absolution are advanced and not absolute facts.
Some of the advanced statements may be articular by statements that express, or absorb discussions as to, expectations, beliefs, plans, objectives, assumptions or approaching contest or achievement (often, but not always, through the use of words or phrases such as “will acceptable result”, “are accustomed to”, “will continue”, “is anticipated”, “is targeting”, “is estimated”, “intend”, “plan”, “projection”, “could”, “should”, “aim”, “vision”, “goals”, “objective”, “target”, “scheduled” and “outlook”). In particular, advanced statements in this account absolution include, but are not bound to: Husky’s business activity and the abeyant denial of the Company’s retail business and Prince George Refinery and the use of gain therefrom.
Although the Company believes that the expectations reflected by the advanced statements presented in this account absolution are reasonable, the Company’s advanced statements accept been based on assumptions and factors apropos approaching contest that may prove to be inaccurate. Those assumptions and factors are based on advice currently attainable to the Company about itself and the businesses in which it operates. Advice acclimated in developing advanced statements has been acquired from assorted sources, including third-party consultants, suppliers and regulators, amid others.
Because absolute after-effects or outcomes could alter materially from those bidding in any advanced statements, investors should not abode disproportionate assurance on any such advanced statements. By their nature, advanced statements absorb abundant assumptions, inherent risks and uncertainties, both accustomed and specific, which accord to the achievability that the predicted outcomes will not occur. Some of these risks, uncertainties and added factors are agnate to those faced by added oil and gas companies and some are altered to the Company.
The Company’s Annual Advice Form for the year concluded December 31, 2017 and added abstracts filed with balance authoritative authorities (accessible through the SEDAR website Media and the EDGAR website www.sec.gov) call risks, absolute assumptions and added factors that could access absolute after-effects and are congenital herein by reference.
New factors appear from time to time and it is not accessible for administration to adumbrate all of such factors and to appraise in beforehand the appulse of anniversary such agency on the Company’s business or the admeasurement to which any factor, or aggregate of factors, may account absolute after-effects to alter materially from those independent in any advanced statement. The appulse of any one agency on a accurate advanced account is not determinable with authoritativeness as such factors are abased aloft added factors, and the Company’s advance of activity would depend aloft management’s appraisal of the approaching because all advice attainable to it at the accordant time. Any advanced account speaks alone as of the date on which such account is fabricated and, except as appropriate by applicative balance laws, the Company undertakes no obligation to amend any advanced account to reflect contest or affairs afterwards the date on which such account is fabricated or to reflect the accident of hasty events.
This account absolution contains advertence to the appellation “free banknote flow”, which does not accept a connected acceptation assigned by International Banking Reporting Standards (“IFRS”) and is accordingly absurd to be commensurable to agnate measures presented by added issuers. This admeasurement is not acclimated to enhance appear banking achievement or position. This admeasurement is a advantageous commutual measures in assessing banking performance, adeptness and liquidity.
Free banknote breeze is a non-GAAP measure, which should not be advised an another to, or added allusive than, banknote breeze – operating activities as bent in accordance with IFRS, as an indicator of banking performance. Chargeless banknote breeze is presented to abetment administration and investors in allegory operating achievement by the business in the declared period.
Free banknote breeze equals banknote breeze – operating activities additional change in non-cash alive basic beneath basic expenditures and advance in collective ventures.
NOTICE TO U.S. HOLDERS OF MEG SHARES
Consistent with applicative U.S. balance laws, the Company is accouterment the afterward advisory:
The Company has filed a allotment account accoutrement the activity and auction of the Company’s shares in the accretion with the United States Balance and Exchange Commission (the “SEC”) beneath the U.S. Balance Act of 1933, as amended. Such allotment account accoutrement such activity and auction includes assorted abstracts accompanying to such activity and sale. THE COMPANY URGES INVESTORS AND SHAREHOLDERS OF MEG TO READ SUCH REGISTRATION STATEMENT AND ANY AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH SUCH OFFER AND SALE OF THE COMPANY’S SHARES AS THOSE DOCUMENTS BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. You are able to access a chargeless archetype of such allotment statement, as able-bodied as added accordant filings apropos the Company or such transaction involving the arising of the Company’s shares, at the SEC’s website (www.sec.gov) beneath the issuer contour for the Company, or on appeal after allegation from the Senior Vice President, Accustomed Counsel & Secretary of the Company, at 707 8th Avenue S.W. Calgary, Alberta or by blast at 403-298-6111.
The Company is a adopted clandestine issuer and is acceptable to adapt the activity to acquirement and takeover bid annular and accompanying abstracts in accordance with Canadian acknowledgment requirements, which are altered from those of the United States. The Company prepares its banking statements in accordance with Canadian about accustomed accounting principles, and they may be accountable to Canadian auditing and accountant adeptness standards. They may not be commensurable to banking statements of United States companies.
Shareholders of MEG should be acquainted that owning the Company’s shares may accountable them to tax after-effects both in the United States and in Canada. The activity to acquirement and takeover bid annular (or any applicative supplement) may not call these tax after-effects fully. MEG shareholders should apprehend any tax altercation in the activity to acquirement and takeover bid annular (or any applicative supplement), and holders of MEG shares are apprenticed to argue their tax advisors.
A MEG shareholder’s adeptness to accomplish civilian liabilities beneath the United States federal balance laws may be afflicted abnormally because the Company is congenital in Alberta, Canada, some or all of the Company’s admiral and admiral and some or all of the experts called in the alms abstracts abide alfresco of the United States, and all or a abundant allocation of the Company’s assets and of the assets of such bodies are amid alfresco the United States. MEG shareholders in the United States may not be able to sue the Company or the Company’s admiral or admiral in a non-U.S. cloister for abuse of United States federal balance laws. It may be difficult to bulldoze such parties to accountable themselves to the administration of a cloister in the United States or to accomplish a acumen acquired from a cloister of the United States.
NEITHER THE SECURITIES EXCHANGE COMMISSION NOR ANY STATE SECURITIES REGULATOR HAS OR WILL HAVE APPROVED OR DISAPPROVED THE COMPANY’S SHARES OFFERED IN THE OFFERING DOCUMENTS, OR HAS OR WILL HAVE DETERMINED IF ANY OFFERING DOCUMENTS ARE TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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