Barclays CEO Energy-Power Conference September 2019 1
Competitively Advantaged Business Model Integrated & Fixed-Price Businesses Drive Stable Cash Flow While Preserving Upside Integrated Corridor Offshore (80% Contribution) (20% Contribution) 1 Upstream Downstream Production Netback2…
Huskys Value Proposition Balanced Dividend and Margin Growth Cash Flow Break-Even Price1 (US/bbl WTI) 45 Safe and reliable operations 40 Production and throughput growth from a 35 large inventory of higher margin projects 30 =…
Focus On Safety And Reliability Driving Towards World-Class Performance 2019 Actions Five Principles of a High Reliability Organization a Appointed SVP of Safety & Operations Integrity; reports to CEO Knowledge & learning a…
Responsible Energy Production Leadership In ESG Performance ESG Ratings by Major Oil-Producing Country Canada is a leader amongst major oil producing nations in terms of: Canada Environment performance Social progress Governance…
Priority Topics ESG Performance & Reporting Process Safety Business Resilience & Asset Integrity Air Emissions Management, Innovation & Advanced including GHGs Technology Water Use & Availability Talent Management & Culture…
2019 Five-Year Plan Striking the Right Balance Funds from Operations1,2 Free Cash Flow Cash Flow from Operating Activities (FFO less capital expenditures) Paced Production4 6.00 B 4.0 B 500 mboe/day 400 5.00 Cumulative 4.00 Free Cash…
Significant Margin Expansion Through Plan Execution Robust Business at 40 US WTI Funds from Operations / Cash Flow From Operating Activities1 (MM) Cash Flow Sensitivity2 (MM) 6.0 B Chicago 3:2:1 Crack Spread (1.00/bbl US) 60 WTI…
Funding Priorities 2019-2023 Funds From Operations / Cash From Operating Activities 7.0 B 1. Maintain balance sheet strength 2. Sustaining capital 6.0 3. Dividend 5.0 4. Growth capital Free 4.0 Cash Flow 5. Allocate…
Two Businesses Each With Sustainable Competitive Advantages Integrated Corridor Offshore Husky Energy Inc. 10
Supplying Low Cost, Reliable Feedstock Integrated Corridor Thermal Production Purchase Opportunities Petrochemicals Thermal Production 132,000 bbls/day Sales Opportunities Husky Energy Inc. 11
Lloyd Thermals History Of Successful Project Execution And Capital Discipline Modular, scalable designs with standardized engineering and construction Not subject to government production quotas SASKATCHEWAN 10,000 bbls/day Dee…
Maximizing Full Value Chain Margin Capture Integrated Corridor Lloyd Thermals & Oil Sands Large portfolio of low cost projects Lloyd Long-life assets with large resource Lloyd Upgrader Sunrise Thermal & Tucker Thermals Asphalt…
Manufacturing Process Maximizes Margins Integrated Corridor Increasing Revenue Reducing Costs Improving Optionality Husky Energy Inc. 14
Matching Heavy Processing To Upstream Production Integrated Corridor Removes Exposure To The Heavy-Light Differential Heavy oil bitumen blend matched to Heavy Oil Blend vs. Downstream Processing & Pipeline Capacity Downstream heavy…
Offshore Business Oil Price Torque Complemented By Fixed-Price Stability Offshore Production 140 Atlantic Global oil pricing 120 Direct access to tidewater Leveraging existing infrastructure 100 Defined growth into next…
Adding High-Netback Offshore Production Liuhua 29-1 and West White Rose Project Liuhua 29-1 Field (75% Husky W.I.) First gas around the end of 2020 Gas sales agreement in place: 15+ year contract term 9-10/mcf US floating price…
Near-Term Milestones Consistent Project Execution and Delivery Design Capacity Timing/ 2019 Status (Husky W.I.) Completion Turnarounds Upstream Q2 19 aCompleted Downstream Q2 19 aCompleted White Rose infill production wells…
Huskys Value Proposition Balanced Dividend and Margin Growth Safe and reliable operations Funds From Operations / Cash From Operating Activities 7.0 B Production and throughput growth from a large inventory of higher margin…
Appendix 20
Price Planning Assumptions 2019 Five-Year Plan & Stress Case Benchmark Prices 2019 Base Case 2019 2020 2021 2022 2023 (as presented at Huskys 2019 Investor Day) WTI (US /bbl) 60.00 60.00 60.00 60.00 60.00 Chicago 3:2:1 (US /bbl)…
Investor Relations Contacts Dan Cuthbertson Director, Investor Relations dan.cuthbertsonhuskyenergy.com Senior Manager, Investor Relations Leo Villegas leonidas.villegashuskyenergy.com Investor Relations Specialist Jenna…
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