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Husky Energy Announces 2018 Budget And Production Outlook - Quick Facts

Husky Energy Inc. (HSE.TO) said it is on track to exceed the 2018 targets for funds from operations and free cash flow outlined at its 2017 Investor Day.

The company expects funds from operations for 2018 to exceed $4 billion and free cash flow to be about $1 billion at pricing of $55 WTI, $2.50 AECO and a $15 per barrel Chicago 3:2:1 crack spread.

For 2017, Husky said that capital spending, not including the acquisition of the Superior Refinery, remains within its guidance at $2.2 billion to $2.3 billion. Including the acquisition, which closed in November, total capital spending in 2017 is expected to be about $2.9 billion.

Husky also said it expects fiscal 2018 capital spending of $2.9 billion to $3.1 billion, less than the estimated $3.3 billion annual average capital spending forecast in the five-year plan at its Investor Day 2017, reflecting greater capital efficiency.

For 2018, the company anticipates annual production to average 320,000-335,000 barrels of oil equivalent or boe/day, despite 20,000 boe/day in 2017 asset sales expected to close by year end.

Husky said that it's operational focus in 2018 is to ramp up the Tucker Thermal Project, Phase 1 of the Sunrise Energy Project and the BD Project in Indonesia to full rates.

In addition, the company will integrate its newly-acquired Superior Refinery, advance six Lloyd thermal projects, move forward with the Liuhua 29-1 field development offshore China and progress the West White Rose Project offshore Newfoundland and Labrador.

The company projects 2021 production of 400,000 boe/day, representing a seven percent compound average annual growth rate.

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