A worker inspects the pipe at the Husky Energy oil terminal facility in Hardisty, Alta. The company's profits slipped to $305 million in the fourth quarter. ((Larry MacDougal/Canadian Press))

Husky Energy Inc. says its fourth-quarter profits slipped to $305 million as it followed through with planned maintenance that affected its production levels.

The Calgary-based major integrated oil and gas producer said the profits were equivalent to 35 cents per share, below analyst expectations of 41 cents per share according to Thomson Reuters.

The results marked a drop from $320 million, or 38 cents per share in the same period a year ago.

On an adjusted basis, earnings slipped to $328 million, from $334 million.

Overall production was 280,500 barrels of oil equivalent per day, a decline from 288,700 boe per day in the third quarter, impacted by maintenance at its SeaRose facility.

Husky, controlled by Hong Kong billionaire Li Ka-Shing, produces oil and gas in western Canada, off Canada's east coast and in southeast Asia.

In the oilsands it has a joint-venture with BP plc to develop the Sunrise leases. Production from the first 60,000 barrel-per-day phase of Sunrise is expected to start up in 2014.

Husky also has interests in BP-operated refineries in the United States, and a chain of Husky-branded fuel retail outlets in Canada.

Husky had contemplated spinning off its southeast Asian properties into a new publicly traded company, but ultimately decided late last year to keep the high-growth assets in its portfolio.

Since taking the helm of the Calgary-based company last summer, chief executive officer Asim Ghosh has been focused on growing Husky's near-term production.