Husky Energy to buy $435 million Wisconsin refineryStaff Writer | August 15, 2017
Canadian integrated oil company Husky Energy said it is buying a refinery in the United States from Calumet Specialty Products Partners for $435 million in cash.
Acquisition 50,000 barrels per day
The deal, which also includes the refinery's associated logistics assets, will increase Husky's refining capacity to 395,000 bpd, the company said.
Husky produces primarily heavy oil from oil sands and conventional operations in western Canada and the deal will help it manage exposure to depressed global crude prices, which are hovering below $50 a barrel on concerns about a persistent supply glut CLc1.
"Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production," said CEO Rob Peabody.
Husky currently produces around 320,000 bpd and aims to grow output to 400,000 bpd by 2021. ■