Husky Energy in US refinery deal

CALGARY, August 15, 2017 – Canada’s Husky Energy said on Monday that it had agreed to acquire the Superior Refinery in Wisconsin, for USD 435 million in cash.

The 50,000-bpd facility will beef up Husky’s refining capacity to 395,000 bpd, in line with the company’s strategy to tap more fully its heavy oil production from Western Canada, Husky said in a statement.

“Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production,” CEO Rob Peabody said. “Upon closing, this new asset will immediately contribute to increased earnings and funds from operations.”

The sale is subject to approval by regulatory authorities and is expected to close in Q4, the press release added.

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