Newspaper article The Canadian Press

Husky to Spend $4.8 Billion in 2013, a Slight Increase from This Year

Newspaper article The Canadian Press

Husky to Spend $4.8 Billion in 2013, a Slight Increase from This Year

Article excerpt

Husky lays out 2013 budget of $4.8 billion

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CALGARY - Husky Energy Inc. said Monday its 2013 capital spending will be $100 million higher than this year as it targets a more aggressive production growth rate in the coming years.

The Calgary-based energy company (TSX:HSE), which is majority-owned by Hong Kong billionaire Li Ka-shing, is planning capital expenditures of $4.8 billion next year, up from $4.7 billion this year.

The bulk of that will be spent on the upstream, or production, part of Husky's business, with $1.2 billion going to its Western Canada operations, $900 million to heavy oil, $500 million to the Sunrise oilsands project, $600 million to offshore Atlantic Canada and $800 million to Southeast Asia.

The remainder of next year's budget will be for the downstream, or refining and marketing, segment as well as corporate spending.

This year, Husky is on track to meet its goal of growing production by three to five per cent with estimated annual output of 301,000 barrels per day across its business. …

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