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Husky Energy could soon be making moves to get out of the retail gas business at it undergoes a strategic review.
According to a news release, Husky Energy will potentially sell its Canadian retail and commercial fuel businesses along with its Prince George Refinery.
In Saskatchewan there are 10 retail stations, three travel centres, five Husky-branded stations and four Esso-branded cardlocks.
Husky said the review comes as it looks at focusing on core assets in its integrated corridor which includes a few heavy oil upstream projects located in Alberta, Husky’s thermal project located in the Lloydminster area of Saskatchewan and the Lloydminster upgrader and refinery.
It will also shift its focus to offshore business in Atlantic Canada and the Asia Pacific region.
“We expect the businesses will be highly marketable, attracting strong interest and valuations,” CEO Rob Peabody said in the release. “Husky delivers value to its customers and we anticipate that high level of quality and service will continue whether or not the businesses are sold.”
The company said while the retail locations and Prince George refinery have made solid contributions over the years, they are not aligned with the heavy oil value chain.
Husky has over 500 gas stations, travel centres, card-lock operations and bulk distribution facilities across the country.
The Prince George Refinery produces 12,000 barrels per day.
