Husky Energy Announces 3Q Results

Friday, October 20, 2006
Husky Energy Inc. reported net earnings of $682m or $1.61 per share in the third quarter of 2006, up 23 percent from $556 million or $1.31 per share in the third quarter of 2005.

Production in the third quarter of 2006 was 364,700 barrels of oil equivalent per day, up 20 percent compared with 303,200 barrels of oil equivalent per day in the third quarter of 2005. Total crude oil and natural gas liquids production was 253,200 barrels per day, compared with 190,000 barrels per day in the third quarter of 2005. Natural gas production was 669.1 million cubic feet per day, compared with 679.2 million cubic feet per day in the third quarter of 2005. In Western Canada, Husky has implemented an enhanced oil recovery project to extend the production life of the Taber South Mannville B Pool. The $70 million project, which is the first of its kind in Canada, has been awarded with funding support up to $10 million from the Alberta Government's Innovative Energy Technologies Program. The Tucker Oil Sands Project, located 30 kilometres northwest of Cold Lake, Alberta, was completed on-schedule and under its $500 million budget. First steam was achieved on August 20, 2006 with first oil anticipated in November 2006. During the 35-year life of the project, Husky expects peak production of more than 30,000 barrels per day. The Sunrise Oil Sands Project continues with front-end engineering design work targeted to be complete by the third quarter of 2007. The Company continues to evaluate alternatives for the downstream portion of the project. Development planning continues for the Saleski and Caribou Oil Sands Projects. At Saleski, appropriate bitumen recovery processes are being evaluated. During the third quarter, Husky acquired 46,080 acres of oil sands leases through Alberta land auctions, which added to our holdings in the Saleski area. At the White Rose oil field, gross production in the third quarter averaged 104,700 barrels per day, with 75,900 barrels per day net to Husky. A sixth production well, which is scheduled to come on-stream at the end of 2006, is expected to increase reservoir production capacity to 125,000 barrels of oil per day. Throughput tests were conducted on the White Rose FPSO and plans are being put in place to debottleneck the facility to around 140,000 barrels of oil per day during the scheduled turnaround next summer.

The Terra Nova FPSO returned to the oil field in late September after undergoing repairs and modifications to improve operational efficiency. Hook-up and start-up will proceed during October and oil production is expected to resume at the end of the month. In the Jeanne d'Arc Basin, approximately 900 square kilometres of 3-D seismic was completed during the third quarter. This program was shot in the vicinity of the White Rose and Terra Nova oil fields to evaluate future exploration opportunities.

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