Husky Energy announces new initiatives and 2013 production guidance/capital expenditure program

Tuesday, Dec 04, 2012

Husky Energy (TSX:HSE) is on track to deliver another year of strong business and operational results and is announcing several new initiatives to build on its momentum.

"We have consistently executed against our strategy for nine consecutive quarters," said Husky CEO Asim Ghosh. "This performance is a result of strong delivery and reliability in all business segments and our focused integration strategy. Our major growth projects in Asia Pacific, the Oil Sands and the Atlantic Region are progressing and continue to meet their milestones.

"The rejuvenation of our foundation in Heavy Oil and Western Canada is also well underway with increased production from heavy oil thermal projects and an emerging focus on oil resource plays."

2012 Operational Highlights

The Company focused on executing its business plan in 2012 and the stage is set for the delivery of its major growth projects. Highlights include the following:

Production Guidance

In 2010, the Company set a compound annual production growth target of 3-5 percent through the plan period 2010-2015 and is on track to achieve that goal. A new target has now been set for the plan period 2012 to 2017 at an increased compound annual production growth rate of 5-8 percent.

Average annual production for 2012 is forecast to be 301,000 boe/day, which is within the guidance of 290,000 to 315,000 boe/day and reflects the SeaRose and Terra Nova offstation programs.

Production in 2013 is expected to be in the range of 310,000 to 330,000 boe/day. The 2013 forecast includes a planned decrease in natural gas production and an increase in light, medium and heavy oil production, reflecting the shift in capital to higher netback opportunities.

Investor Day

CEO Asim Ghosh and members of the management team will provide further details on the Company's strategic initiatives and growth plans at the annual Investor Day, scheduled for 9 a.m. EST December 4 in Toronto, Ontario, Canada. The presentation will be webcast and posted on www.huskyenergy.com under Investor Relations.

Husky Energy is one of Canada's largest integrated energy companies. It is headquartered in Calgary, Alberta, Canada and is publicly traded on the Toronto Stock Exchange under the symbol HSE and HSE.PR.A. More information is available at www.huskyenergy.com

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today