2015 Guidance Capital Expenditures: 3.0-3.1 Billion 5.1 Capital spending Major projects behind us 3.4 Shifting capital towards short payback CDN Billions Corporate opportunities Downstream Asia Pacific Dialing back…
Efficiencies Improving Margins Procurement process realizing savings Cumulative Procurement Savings 1.3 billion in procurement savings 1,800 since 10 Locked in additional 575M of 1.3Bn total savings 400-600M targeted operational…
Foundation Transformation Heavy Oil Thermal portfolio continues to expand 22,300 bbl/d in 10 to 54,600 bbl/d in 14 Four in-flight projects to add 34,500 bbl/d of new production by the end of 16 Low sustaining capital…
Foundation Transformation Thermal Portfolio Thermal First Oil Current/ Status Thermal Oil Economics Project Date Forecasted Net Production Rate Metrics Target1 (bbls/d)3 Pikes Peak 1984 3,700 Construction Time 2 years Bolney…
Foundation Transformation Western Canada 14 base production from Western Canada 146,000 boe/d (62% gas) Resource play production has grown from 14,000 boe/day in 10 to 34,000 boe/day in 14 Current focus: Ansell Cardium/Wilrich…
Foundation Transformation Downstream Improved flexibility of feedstock Strategic investment in gathering system and storage facilities Increased product mix New capital equipment and upgrades Expanded market access Increased…
Growth Area Asia Pacific Region Liwan 3-1 and Liuhua 34-2 production start-up Fixed price and volume Q2 2015: 14.50/mmcf Forecast 290-320 mmcf/day (gross) in 2015 Husky 49% working interest Liuhua 29-1 (17-19) Low cost…
Growth Area Oil Sands Sunrise Energy Project producing Phase 1 ramping up to 60,000 bbls/d (gross) by end of 16 (Husky 50% W.I. / operator) 170 years project life at 60,000 bbls/d Approvals in place for 200,000 bbls/d (gross)…
Growth Area Atlantic Region Satellite extensions stabilizing production South White Rose Extension on stream (June 15) Peak production of 15,000 boe/day (net) Combines gas injection and oil production to improve returns North…
Line of Sight to Near-Term Projects Near-term production adds of 85,000 bbls/day (net) Production Projects by end 16 Sunrise Energy Project Phase 1 North Amethyst Hibernia South White Rose Extension 85 Rush Lake Thermal Edam…
Structural Change Leaving More Capital for Growth 2010 2012 2014 2016 (287 mbbl/d) (301.5 mbbl/d) (340.1 mbbl/d) Forecast Exit Rate 23% 40% 8% 12% Low Sustaining Capital Production* Remainder of Total Production *Low…
Balanced Growth Strategy Delivering Healthy balance sheet Structural changes and efficiencies have increased resiliency of business and lowered sustaining capital requirements Clear line of sight to production and reserves growth…