Alberta, the main oil-producing province in Canada, curtailed some 1 million barrels per day (bpd) this spring as coronavirus-led lockdowns to curb the spread of the virus crushed demand for products like gasoline and jet fuel.
The comments come a week after bigger rival Suncor Energy Inc said Western Canadian oil companies are moving to restore all of the production that they shut-in.
Producers in the United States have also voluntarily cut output after U.S. oil prices plunged below $0 in April for the first time ever.
Husky, which posted a smaller-than-expected quarterly loss, helped by higher margins, had about 80,000 bpd shut in the start of second-quarter.
The company said it expects full-year spending to be between C$1.6 billion and C$1.8 billion, and could reduce its 2021 spending to a range of C$1.2 billion to C$1.4 billion.
Shares of the company were down 4.2% as oil prices fell over fears that fuel demand recovery could be capped by a resurgence in coronavirus infections. [O/R]
Excluding items, Husky lost 30 Canadian cents per share, below Street estimates of a loss of 53 Canadian cents due to higher margins at the company's oilsands, Western Canadian and U.S. refining operations.
Quarterly production fell nearly 8% to 247,000 barrels of oil equivalent per day (boepd) due to the production cuts, while average prices for its blended crude oil fell 64% to C$24.36 per barrel.
Net loss came in at C$304 million ($226.60 million) for the quarter ended June 30, compared to a year-ago profit of C$370 million.
(Reporting by Arunima Kumar in Bengaluru; Editing by Ramakrishnan M.)
By Arunima Kumar
