Husky Energy posted a net loss of $69 million for the fourth quarter of 2015 and says it's preparing for $30 oil throughout 2016.
CEO Asim Ghosh said the Calgary-based company "will balance capital expenditures with cash flow" on the assumption that West Texas Intermediate prices will remain at $30.
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Ghosh added that 2016 "will see us further reduce our earnings break-even point."
U.S. crude prices averaged $42 per barrel last quarter, according to the company's year-end report for 2015.
Husky is still looking to sell assets in the Lloydminster region to raise cash.
The $69-million loss was down from the quarterly net loss of $603 million a year earlier, mainly the result of asset writedowns and impairment charges.