Corporate Profile

2016 Operational Highlights

Thermal

• First oil achieved at three Lloyd thermal bitumen projects: Edam East and Vawn, both 10,000 bbls/day, and Edam West, 4,500 bbls/day.
• Three new 10,000 bbls/day Lloyd thermal bitumen projects sanctioned at Dee Valley, Spruce Lake North and Spruce Lake Central.
• First bitumen production achieved from the Colony formation at the Tucker Thermal Project.
• The Sunrise Energy Project continued to ramp up, averaging gross production of 33,800 bbls/day (16,900 net to Husky) by the end of 2016.

Downstream

• Initial stage of the crude oil flexibility project completed at the Lima Refinery, providing for the processing of up to 10,000 bbls/day of heavy crude. The project is expecrted to increase heavy crude processing capacity to 40,000 bbls/day around the end of 2018.
• Increased capacity to process high-TAN crude feedstock at the partner-operated Toledo Refinery, supporting bitumen production from Sunrise.
• Engineering work began on a project to double asphalt capacity to 60,000 bbls/day.

Resource Plays

• Disposition of about 32,000 boe/day of legacy production in Western Canada, including royalty interests, for $1.3 billion, further increasing capital efficiency.
• Portfolio is 70 percent gas-weighted, providing a supply and natural hedge for energy used at Husky’s thermal projects and refineries.

Asia Pacific

• Work continued to advance at four natural gas fields in the Madura Strait, offshore Indonesia.
• BD Gas Project continued towards first production and is expected to ramp up towards full sales gas rates throughout 2017.
• A deal was reached with partners on a new pricing arrangement for sales gas from the Liwan Gas Project, with gross take-or-pay volumes remaining unchanged.

Atlantic

• First oil was achieved at a Hibernia formation well at North Amethyst.
• An infill well at South White Rose achieved first production.
• Two new oil discoveries were made in the Flemish Pass Basin, at Bay de Verde and Baccalieu.