Husky is a Canadian-based integrated energy company. Its head office is in Calgary, Alberta and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE.

Husky operates in Western and Atlantic Canada, the United States and the Asia Pacific region, employing more than 5,000 people. Along its Integrated Corridor, thermal production is integrated with the Downstream business and supported by Resource Plays in Western Canada. Its Offshore production is focused in the Asia Pacific and Atlantic regions.

Husky’s business strategy is to focus on returns from investments in a deep portfolio of opportunities that can generate increased funds from operations and free cash flow.

2016 Operational Highlights


  • 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.


  • 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.


  • 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.

Delivering Results

Husky lowered its break-even oil price and maintained a strong balance sheet, while continuing to invest in its deep portfolio of projects.