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September 2017 Corporate Presentation – Husky Energy Inc.

Husky Energy Inc. · Sep 14, 2017 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. September 2017 Corporate Presentation – Husky Energy Inc. – slide 1
    Husky Energy Inc.
  2. September 2017 Corporate Presentation – Husky Energy Inc. – slide 2
    Value Proposition 17-21F Key Metrics 17F 21F CAGR Returns-focused growth Production (mboe/d) 320 335 4.8% 390 400 Funds from operations (FFO)1 3.3B 9% 4.8B2 Large inventory of low cost projects Free cash flow (FCF)1 750M 12%…
  3. September 2017 Corporate Presentation – Husky Energy Inc. – slide 3
    Husky Energy Inc. Cycle Medium Short to Spending Capital 17-21F 2/3 Of Planned 16B Capital Spend 20 40 60 80 0 Atlantic Infill Well (2) Atlantic Infill Well (2) Atlantic Infill Well (2) Atlantic Infill Well…
  4. September 2017 Corporate Presentation – Husky Energy Inc. – slide 4
    Capital Investment Lowers Cost Structure Costs Down Netbacks And Margins Up 23% Upstream Upstream 15 /boe Operating 17% Operating Netbacks1 Costs 17 -21F 17 -21F 30 /boe 20 13 10 '17F '18F '19F '20F '21F 2017…
  5. September 2017 Corporate Presentation – Husky Energy Inc. – slide 5
    Capital Investment Lowers Cost Structure Improving Break-Even Oil Price and Sustaining Capital Requirements Break-Evens Sustaining Capital vs. Production 50 US WTI 3.0 B 400 Sustaining Capital 17-21F 1.9B 45 mboe/d Annual…
  6. September 2017 Corporate Presentation – Husky Energy Inc. – slide 6
    Capital Plan Fully Funded At 50 US WTI Flat Demonstrating Improving Asset Mix 30% FFO Generation at Flat 50 US WTI 17-21F 5 B 4 3 2 1 0 '17F '18F '19F '20F '21F 1 1 2 Integrated Corridor FFO Offshore FFO…
  7. September 2017 Corporate Presentation – Husky Energy Inc. – slide 7
    Today vs. 2021: What We Could Do at 35 US WTI As Assets Improve, Funds from Operations, Free Cash Flow and Debt Capacity Increase Todays Portfolio 2021 Portfolio 35 US WTI 35 US WTI 12 US Chicago 3-2-1 Crack 12 US Chicago 3-2-1…
  8. September 2017 Corporate Presentation – Husky Energy Inc. – slide 8
    Healthy Balance Sheet Net Debt Net Debt to Trailing FFO1 8 B 5 times 6 Net debt of 3.5 billion (Q217) 4 3 4 2 2 1 0 0 '15 '16 '17F '18-21 Husky A B Peers C D E Liquidity Debt Maturity Schedule 1.4 B 1.2 4.0B undrawn…
  9. September 2017 Corporate Presentation – Husky Energy Inc. – slide 9
    Building Our Financial Plan Growing Funds From Operations Covers All Spending Priorities FFO and Cash Capital Spending 5 B Returns- Free Cash Flow Focused Improving 4 (After Other Capital) Growth Cost Other Capital1…
  10. September 2017 Corporate Presentation – Husky Energy Inc. – slide 10
    Husky Energy Two Businesses Integrated Corridor Offshore Resource Plays Thermal Asia Pacific Atlantic Downstream Husky Energy Inc. 10
  11. September 2017 Corporate Presentation – Husky Energy Inc. – slide 11
    Rob Symonds Chief Operating Officer
  12. September 2017 Corporate Presentation – Husky Energy Inc. – slide 12
    Corridor - Unique Physically Integrated Assets Production (Q2 17) 247 mboe/d 117 mboe/d thermal bitumen Lloyd Thermals Sunrise 19 mboe/d Sunrise & Tucker Lloyd Upgrader Asphalt Refinery Tucker 22 mboe/d Lloyd 76 mboe/d Reserve…
  13. September 2017 Corporate Presentation – Husky Energy Inc. – slide 13
    Strengthening the Corridor Heavy Oil & Bitumen Production (boe/day) H1 '17 2021F Lloyd thermal 78,400 125,000 Tucker 22,000 30,000 Sunrise 18,500 37,000 Resource Non-thermal (heavy oil) 50,400 29,000 Plays Total 169,300 221,000…
  14. September 2017 Corporate Presentation – Husky Energy Inc. – slide 14
    Lloyd Advantage Full Value Chain Netback Low cost thermal production Low cost refining and upgrading Higher value, more diverse basket of finished products1,2 Higher finished product yield (98%) Extensive local market demand…
  15. September 2017 Corporate Presentation – Husky Energy Inc. – slide 15
    Sunrise to Toledo One-Step Refining, No Upgrading Required Toledo high-TAN project added processing capacity for all Sunrise crude Dilbit delivered directly to Toledo no upgrading cost, no volume lost High finished product yield…
  16. September 2017 Corporate Presentation – Husky Energy Inc. – slide 16
    Downstream Connectivity Reservoir to Refined Products Husky Energy Inc. 16
  17. September 2017 Corporate Presentation – Husky Energy Inc. – slide 17
  18. September 2017 Corporate Presentation – Husky Energy Inc. – slide 18
    Asia Pacific High operating netback production 61.90 per boe operating netback (Q2 17) Asia-Pac FCF 17 - 21F 4.2B Free Cash Flow Growth Fixed-price contracts at favorable prices 1.5 B B 4.5 Low level of investment required for…
  19. September 2017 Corporate Presentation – Husky Energy Inc. – slide 19
    Low Volatility Growth Fixed Price Contracts Provide FFO Stability Liwan 3-1 and Liuhua 34-2 (China) Five-Year Production Profile Take-or-pay contract 150-165 mmcf/day (net) 450 mmcfe/d Production Growth 13.44 per mcf gas realized…
  20. September 2017 Corporate Presentation – Husky Energy Inc. – slide 20
    Atlantic Canada Proven Track Record: Long history of operations in region Mizzen High operating netback production Harpoon Bay du Nord 42 per boe operating netback (Q2 17) Baccalieu Bay de Verde Production receives Brent+…
  21. September 2017 Corporate Presentation – Husky Energy Inc. – slide 21
    Next Stage of Growth Short, Mid and Long Cycle Projects Project Net Peak After-Tax IRR1 Project Capital Plan Pricing To First Production Production Assumption Atlantic Production Profile South White Rose 80 mbbls/d Future Field…
  22. September 2017 Corporate Presentation – Husky Energy Inc. – slide 22
    In Summary 17-21F Key Metrics 17F 21F CAGR Returns-focused growth Production (mboe/d) 320 335 4.8% 390 400 Funds from operations (FFO) 3.3B 9% 4.8B Large inventory of low cost projects Free cash flow (FCF) 750M 12% 1.2B Upstream…
  23. September 2017 Corporate Presentation – Husky Energy Inc. – slide 23
    Husky Energy Inc.
  24. September 2017 Corporate Presentation – Husky Energy Inc. – slide 24
    Advisories Sustaining capital is the additional development capital that is required by the business to maintain production and operations at existing levels. Development capital includes the cost to drill, complete, equip and tie-in…
  25. September 2017 Corporate Presentation – Husky Energy Inc. – slide 25
    Advisories Huskys Lloydminster Heavy Oil and Gas thermal bitumen unrisked best estimate contingent resources consist of 268 million barrels of economic development pending, 164 million barrels of economic development unclarified and…
  26. September 2017 Corporate Presentation – Husky Energy Inc. – slide 26
    Advisories Heavy Oil Cold EOR, located in the Lloydminster area, contains 307 million barrels (Huskys working interest) of unrisked economic status undetermined best estimate contingent resources in the development unclarified…
  27. September 2017 Corporate Presentation – Husky Energy Inc. – slide 27
    Husky Energy Inc.
  28. September 2017 Corporate Presentation – Husky Energy Inc. – slide 28
    Pricing Assumptions Benchmark Prices Base Case 2017 2018 2019 2020 2021 WTI (US bbl) 50.00 55.00 60.00 60.00 60.00 Chicago 3:2:1 (/bbl US) 16.00 16.00 16.00 16.00 16.00 Heavy Crude Differential (/bbl US) 12.00 14.00 14.00 14.00…

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