Husky Energy agrees US$435mn deal for Wisconsin oil refinery

By zaymalz malz

Husky Energy has announced it is set to buy an oil refinery for $435mn from Calumet Specialty Products Partners.

The facility located in Superior, Wisconsin, has a 50,000 barrel per day (bdp) capacity, something that will contribute towards Husky’s strategy of capitalising on the full potential value of the company’s heavy oil production.

“Acquiring the Superior Refinery will increase Husky’s downstream crude processing capacity, keeping value-added processing in lockstep with our growing production,” said Husky’s CEO Rob Peabody.

“Upon closing, this new asset will immediately contribute to increased earnings and funds from operations.”

See Also:

The contribution from the refinery in Superior is expected to grow the company’s capacity of heavy oil to about 205,000 bpd, with overall downstream capacity to rise to approximately 395,000 bpd.

Calumet CEO Tim Go also revealed his satisfaction with the deal, with Husky having already outlined that the existing jobs of the 180 workers stationed at the refinery will be protected.

“We are excited to find with Husky a great home for our employees at Superior and want to thank them for their contributions to our organisation over the last few years,” he said.

“Their dedication and efforts have made Superior an attractive value proposition for Husky, who will retain the Superior employees and will assume the union contract and pension plan.”

The announcement concludes months of speculation about the sale of the refinery, with the deal expected to complete by the year’s end, subject to customary closing adjustments.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability