Corporate Profile

Sunrise Energy Project

Husky is one of Canada’s largest integrated energy companies. It is based in Calgary, Alberta and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE.

The Company operates in Canada, the United States and the Asia Pacific Region, with Upstream and Downstream business segments.

Annual production in 2015 averaged 346,000 barrels of oil equivalent per day (boe/day), with cash flow from operations of $3.3 billion. Earnings were a net loss of approximately $3.8 billion, including an after-tax impairment and a write-down related to legacy oil and natural gas assets in Western Canada. Adjusted net earnings were $165 million.

Higher Quality Production

Since 2010, Husky has been transforming into a low sustaining capital business with an increasing focus on higher quality production that requires less sustaining and maintenance capital, while providing improved margins and reduced cash flow variability. By the end of 2016, more than 40 percent of Husky’s production will come from these types of projects.

Heavy Oil

Lloyd thermal projects continue to lead the Company’s transition to higher quality production, increasing to an average of 56,800 barrels per day (bbls/day), compared to 18,000 bbls/day in 2010. This included steady production from seven thermal projects, such as the 10,000 bbls/day Rush Lake development which began production in July 2015.

Pikes Peak South Lloyd Thermal Project

Western Canada

Overall average production from resource plays was about 39,600 barrels of oil equivalent per day, as the Company continued to rejuvenate its Western Canada operations. The transformation of the Western Canada business is being advanced with a focus on fewer, more material resource plays.

Kaybob

Downstream

Husky’s integrated Sunrise Value Chain and Lloyd Value Chain support production from the Sunrise Energy Project and the Lloyd thermal developments. An expansion at the Hardisty terminal, including increased pipeline connectivity, blending capacity and storage to support Upstream production, was completed.

Hardisty