Husky Energy - Assets and Holdings

Assets and Holdings

Husky Energy has proven petroleum reserves of 682 million barrels (108,400,000 m3) and 2.4 trillion cubic feet (68 km3) of natural gas, most of it in Western Canada. It owns approximately 550 filling stations in Canada and operates the Lloydminster Heavy Oil Upgrader. Husky holds property and/or mineral rights to some 5.2 million developed acres (21,200 km²) in Western Canada.

The corporation also owns some 618,000 acres (2,500 km²) in the Athabasca, Peace River, and Cold Lake regions of Western Canada, which the company claims hold some 48 billion barrels (7.6×109 m3) of bitumen (discovered petroleum-initially-in-place).

Husky holds extensive offshore properties. It is the operator of the White Rose project and partner in the Terra Nova project in the Jeanne d'Arc Basin off Newfoundland. The company also owns a 40% interest in the Wenchang project offshore China, which expects to derive as much as 92 million barrels (14,600,000 m3) of oil from a field located near the mouth of the Pearl River. The remaining 60 percent of the project is owned by the Chinese National Offshore Oil Corporation (CNOOC). Interests have also been acquired in two fields located off the coast of Madura, Indonesia.

In terms of refined products facilities, Husky owns and operates the Prince George Refinery light oil oil refinery in Prince George, British Columbia, a light oil refinery in Lima, Ohio and is a 50 percent owner with BP of a refinery in Toledo, Ohio; an asphalt refinery at Lloydminster, Saskatchewan. Husky is also involved in ethanol production and operates the Husky Lloydminster Ethanol Plant and the Minnedosa Ethanol Plant.

A substantial portion of Husky's property and operations base has come from its acquisition of Renaissance Energy. In 2003, it also purchased the Canadian unit of the American-based Marathon Oil Corporation.