Credit Suisse Energy Summit 2012 Rob Symonds, VP Western Canada Production February 9, 2012
Husky Snapshot Amongst largest Canadian integrated energy companies Listed on the Toronto Stock Exchange (TSX HSE, HSE.PR.A) 23 billion market cap (1) 27 billion enterprise value (1) Growth + Dividend value proposition Strong…
Strategic Building Blocks Near-term Mid-term Long-term 0 2 years 3 5 years 5+ years Upstream Acquisitions Asia Pacific Oil Sands Oil Sands Atlantic Region Regenerate the Western Canada and Heavy Oil foundation Value…
Executing Against the Strategy 4
Deliverables Plan period targets to 2015: Production growth 3-5% CAGR Focus on improving netbacks Reserve replacement 140% Increase ROCE by 5 percentage points Maintain oil production bias at 70% of total production 4.1 billion…
2011 Performance Production Proven Reserve Replacement Ratio 350 200 9% increase 300 (mboe/day) 174% 170% 150 312.5 (%) 287.1 250 100 200 2010 2011F 2010 2011 Netbacks Return on Capital Employed…
Foundation - Western Canada Maintain production at existing levels Resource plays Reinforce key technical and execution skills Exploit plays on existing land base Build material position in emerging oil and gas resource plays…
Transitioning to Oil & Liquids Rich Resource Plays Anticipated Western Canada Production Shift Conventional Resource Plays & EOR 2016 2015 2014 2013 2012 Blue denotes Husky land 8
Foundation - Heavy Oil Pikes Peak South and Paradise Thermal Property Size Anticipated Timeline Hill expected start-up in 2012 Bolney / Celtic 11,000 bbls/day Producing Targeted to increase sustainable Pikes Peak 7,500 bbls/day…
Growth - Asia Pacific Build a sustainable, growth-oriented, material oil and gas business Safely execute Liwan 3-1 and Liuhua 34-2 developments on time and on budget Delineate and develop Liuhua 29-1 field and Madura Strait gas…
Liwan Gas Project Major Components Onshore Gas Plant Shallow Water and Onshore Facilities (CNOOC Operated) Central Platform MEG Package Deep Water Facilities (Husky Operated) Main Flowlines Liuhua 29-1 Field Future 6-7 well…
Liwan 3-1 Field Development Progress Engineering Central Platform design graphic Fully complete Drilling Drilled Liwan 3-1 field development wells Rig has worked over 1,000 days without an LTI Procurement and fabrication All major…
Indonesia Madura Strait PSC Execute the BD field development Reserves booked in 2010 EPIC tender is in process FPSO tender has been released MDA field delineated successfully MDA-4 well was tested at 18.7 mmcf/d (equipment…
Madura Strait Development BD Field Estimated initial field gross production 100 mmcf/d (40 mmcf/d net) 6,000 bbls/d NGLs (2,400 bbls/d net) Estimated project cost US350 to US400 million gross with leased FPSO Gas price average…
Growth - Oil Sands Safely execute Sunrise Phase 1 on time and on budget Advance early engineering for Sunrise Phase 2 Design Basis Memorandum (DBM) and Front-End Engineering and Design (FEED) Commercialize strong resource…
The Sunrise Energy Project Top tier oil sands project utilizing established technologies In-situ SAGD development Regulatory approvals in place for initial phases up to 200,000 bbls/d (Phase 1 60,000 bbls/d gross) Phase 1 drilling…
Sunrise Progress Completions drilling rig in operation Engineering On schedule/budget Phase 2 DBM/FEED awarded Procurement Majority of equipment purchased Drilling & Completions More than 50% of well pairs complete Camp…
Focused Integration Strategy Well positioned midstream and downstream assets Secures product destination Refining and upgrading hedge against light/heavy differential volatility Maximizes the value of heavy oil and oil sands…
Saleski 975 sq. km carbonate land position; West of Fort McMurray Contingent resource: 9,960 mmboe1 Target pilot bitumen production in 2016 (1) Husky W.I. 100%; evaluated by GLJ; effective Dec. 31, 2010 Husky Saleski…
Growth - Atlantic Region Execute successful offstation program Test and evaluate West White Rose Pilot as foundation for the White Rose Expansion Project West White Rose production Well head / drilling platform will reduce F & D…
Commercializing the Strategy Commercial Producing Development Delineate/De-Risk Prospect Inventory Western Canada Conventional Oil & Gas Duvernay Horn River Ansell Cardium Rainbow Muskwa Viking Montney NWT Canol Oungre Bakken…
On Course Strategy is clear Executing against the strategy Targets are being achieved Balanced growth with strong dividend yield ( 5% yield) Building on established momentum 22
Advisories The 2011 expected reserve replacement ratio was determined by taking the Companys expected 2011 incremental proved reserve additions divided by expected 2011 upstream gross production. The 2011 netback was determined by taking…
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