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Husky Energy corporate report

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31 July 2018

Husky Energy corporate report

Report summary

Husky has successfully adjusted to the oil price outlook and is in a position of financial strength. However, this has come at the expense of the near-term growth outlook. Husky plans to address this by retrenching back to its core, heavy oil business. The company also recently sanctioned the West White Rose project in Atlantic Canada. We expect the company will be typically cautious before making any opportunistic acquisitions, or reinstating the dividend. But Husky is now well positioned to ride out a period of continuing low prices, and can accelerate development if prices rise.

Table of contents

  • Other Husky Energy research
  • Executive summary
    • Portfolio repositioning yet to win favour with the market
    • Strategic priorities and opportunities
      • 1. Portfolio reconfiguration yet to pay off
        • Production outlook
        • Downstream integration
      • 2. Financial strength provides strategic optionality
        • Capital spending
        • Cash flow breakeven
        • Net debt and gearing
        • Increasing shareholder returns
      • 3. Near-term growth is robust, long-term less certain
        • Near term development
        • Long term opportunities
        • Risks to our outlook
  • Portfolio summary
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
    • Economic assumptions

Tables and charts

This report includes 34 images and tables including:

  • SWOT analysis
  • Portfolio summary: Table 1
  • Benchmarking: share price performance
  • Benchmark: enterprise value vs WM NPV10
  • WM NPV10 price sensitivity vs Husky Upstream EV
  • Benchmark: enterprise value vs WM NPV10
  • Base case upstream NPV10
  • Current NPV10 vs. NPV10 +5 years
  • Forecasted deveopment expenditure (nominal)
  • Operating expenditure (nominal)
  • Reported costs incurred
  • New project returns
  • Husky's forecast production
  • WM oil vs gas
  • WM oil production forecast
  • WM gas production forecast
  • Total reserves: WM commercial
  • Total reserves: reported vs. Wood Mackenzie (by region)
  • Oil reserves and resources: reported vs Wood Mackenzie
  • Gas reserves and resources: reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Economic assumptions: Table 5
  • Benchmarking: production CAGR 2018-2025
  • Company cash flow breakeven 2018 to 2020
  • Benchmark: upstream cash flow breakevens
  • Net debt outlook
  • Benchmark:net debt and gearing
  • Production outlook
  • New project returns

What's included

This report contains:

  • Document

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