It’s not yet known what effect the corporate oil merger in Canada will mean for Husky’s east coast operations.
Husky and Cenovus, both based in Calgary, are joining forces in these troubling economic times.
The White Rose expansion project, with most of its onshore component in Argentia, was mothballed after the federal and provincial governments declined an offer to invest.
Larry Short, a portfolio manager with Short Financial in St. John’s, wasn’t surprised with the merger as it’s reflective of what’s happening in North America. There was no mention of Husky’s east coast operations in the news release announcing the merger, but Short doesn’t see that as anything significant.
Short says Husky is in a healthier position today than it was on Friday before the merger.