UPDATE 2-Husky Energy profit drops on prices, production - Reuters

CALGARY, Alberta, Oct 21 (Reuters) - Husky Energy Inc's( HSE.TO ) quarterly profit fell 73 percent as oil and gas pricestumbled from year-earlier levels and production at its offshoreNewfoundland oil fields declined, the Canadian oil producer andrefiner said on Wednesday.

Husky, controlled by Hong Kong billionaire Li Ka-shing,earned C$338 million ($325 million), or 40 Canadian cents ashare, in the third quarter, down from a year-earlier profit ofC$1.27 billion, or C$1.50 a share.

The company had been expected to earn 38 Canadian cents ashare, according to analysts polled by Thomson ReutersI/B/E/S.

Cash flow, a glimpse into an oil company's ability to fundits projects, fell 77 percent to C$452 million, or 53 Canadiancents a share, from C$2 billion, or C$2.35 a share.

Full Story: UPDATE 2-Husky Energy profit drops on prices, production - Reuters