Husky's geographic focus has remained consistent over the last decade, and its upstream foundation remains Western Canadian heavy oil. The company is offsetting decline and rejuvenating its legacy assets by using enhanced production techniques as well as incorporating new unconventional plays. Its Western Canada strategy is shifting towards growth through short-cycle resource plays while maximising margins. Conventional exploration is geographically focused offshore Canada (oil) and in Asia (piped gas). Full-cycle returns have suffered from commercialisation challenges, whether that is gas pricing or remote location. There is upside to the current returns of 5% from promising discoveries in Canada's deepwater Flemish Pass. Husky's large and diversified portfolio of onshore heavy oil, conventional oil sands and offshore projects enable the company to maintain a focused exploration programme that complements its existing portfolio of growth opportunities.