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Image courtesy of Husky Energy.

Calgary-based Husky Energy managed to beat analysts expectations on Friday after reporting a $51 million fourth quarter net loss.

The company reported a fourth quarter net loss of $51 million (C$69 million), or $0.07 per diluted share, compared to a $846 million net loss in the prior year quarter.

According to Reuters, operating losses for the fourth quarter came in at C$0.05, beating analysts expectations of a C$10 loss per share.

The net loss included a $10.35 million after-tax write down of  inventory to net realizable value, primarily related to U.S. refining and marketing, and $36.97 million in after tax  insurance recoveries tied to the company’s Lima Refinery isocracker.

Husky booked a fourth quarter adjusted net loss of $36.23 million, down from an adjusted net income of $109.43 million in the fourth quarter of 2014.

Fourth quarter cash flows from operations dropped to $473.22 million, or $0.48 per diluted share, from $850 million in the same quarter of the previous year.

Full year 2015 earnings fell to a net loss of $2.85 billion (C$ 3.85 billion), or a loss of $2.96 per diluted share, down from about $930 million in net earnings for the full year of 2014.

Adjusted net earnings for the full year slid to $122 million from $1.49 billion in 2014 while cash flows form operations sank to $2.46 billion for the full year of 2015 compared to $4.09 billion the previous year.

The company reaffirmed that its 2016 capital plan will be in the range of $1.55 billion to $1.7 billion (C$2.1 to C$2.3 billion), down from a previous range of $1.99 billion to $2.12 billion, as it focuses on becoming a low sustaining capital business.

“Our business plan will balance capital expenditures with cash flow at a $30 US WTI price planning assumption. 2016 will see us further reduce our earnings break-even point,” Husky CEO Asim Ghosh said.

The company boosted annual production to 346,000 barrels of oil equivalent per day in 2015, with crude oil and NGL production averaging 231,000 barrels per day in 2025 and natural gas production averaging 689 million cubic feet per day.

Husky said its reserves replacement outpaced production, with an average proved reserves replacement ratio of 166 percent,excluding economic factors.

The company’s total proved reserves before royalties at the end of 2015 were 1.3 billion boe, and probable reserves stood at 1.6 billion boe.

Last month, Husky scrapped its fourth quarter dividend due to the “persistent downward pressure on oil prices and the extended lower for longer outlook.”