Husky Energy* (HSE : TSX : $41.52), Net Change: 1.01, % Change: 2.49%, Volume: 2,141,436

Petro-Canada* (PCA : TSX : $46.13), Net Change: -0.47, % Change: -1.01%, Volume: 3,286,112

Suncor Energy* (SU : TSX : $52.95), Net Change: -0.70, % Change: -1.30%, Volume: 5,249,509

Four senior energy companies reported before market yesterday. Husky kicked things off, with results

highlighted by EPS of $1.61 and CFPS of $2.46. A stock-based compensation charge of $114 million affected earnings having a

$0.13 per share impact. Given that production in the first half of the year averaged 354,700 boe/d, Husky adjusted its full-year

production guidance down 5-7% from its previous range of 385,000-410,000 boe/d (based on an unchanged upstream capital

budget of $3,050 million). Suncor reported next, with results that were in line but forward guidance that was significantly lower

than expected. The company’s new outlook called for 2008 oil-sands production of 240,000-250,000 b/d (down from 275,000-

285,000 b/d), compared to Canaccord Adams’ forecast of 266,000 b/d. Revised guidance for price-realization discount to WTI

was $2.50-3.50 (down from $3.50-4.50), and for cash operating costs of $35-36 (up from $26-27). Petro-Canada reported

market-beating earnings and production numbers and increased its quarterly dividend by 54% to $0.20. Management raised the

lower end of its 2008 production guidance with a new forecast of 400,000-420,000 boe/d (up from 390,000-420,000 boe/d).

And finally, EnCana reported Q2/08 results slightly beating Canaccord Adams’ cash-flow estimate, substantially matching the

production estimate but below the earnings estimate. Production guidance was increased to 4,640 mmcfe/d from 4,570 mmcfe/d

(we estimate production to be about 4,557 mmcfe/d), while cash flow guidance was increased to $13.30-14.65 from $12.75-

13.30 (we estimate cash flow to be about $13.94).