Husky continues to improve its resiliency as a result of structural changes that have taken root across the business, while significantly lowering its cost base.
Earnings and Cash Flow
In 2015, WTI prices averaged about $49 US a barrel, compared to about $93 US a barrel in 2014. Adjusted net earnings were $165 million. Cash flow from operations was $3.3 billion.
Production and Throughputs
Production averaged 346,000 barrels of oil equivalent per day, including steady volumes from the Liwan Gas Project, the gradual ramp up of the Sunrise Energy Project, new production from two wells at the South White Rose extension and continued strong performance from a portfolio of Lloyd thermal projects and the Ansell resource play.
Downstream throughputs averaged 308,000 barrels per day, which takes into account maintenance work at the Lloydminster Upgrader and reduced capacity at the Lima Refinery.
Husky’s reserves growth continued a seven-year trend of outpacing production, with a proved reserves replacement ratio in 2015 of 166 percent excluding economic factors (136 percent including economic factors). This reflected new additions from Lloyd thermal projects, the Sunrise Energy Project, the Liwan Gas Project and natural gas fields offshore Indonesia.
At the end of 2015, Husky’s total proved reserves before royalties were 1.3 billion boe and probable reserves were 1.6 billion boe.