Husky Energy
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Categories: Companies listed on the Toronto Stock Exchange | S&P/TSX 60 Index | Oil companies of Canada | Natural gas companies of Canada | Cheung Kong Holdings | Companies based in Calgary | Companies established in 1938 | Gas stations in Canada
Husky Energy Inc. (TSX: HSE) is a large integrated energy company based in Calgary, Alberta, Canada in Western Canadian Place. Primarily focusing on petroleum and gas, Husky employs over 3800 people (as of 2006), almost $18 billion in assets, and produces an average of 369,900 barrels of oil equivalent per day (3rd quarter 2007), making it one of Canada's largest energy companies. Aside from the Husky brand, Mohawk Gasoline is the next primary brand used. It conducts operations primarily in the United States, Canada, and China. A majority stake in Husky Energy is owned by Hong Kong billionaire Li Ka Shing and his holding company Hutchison Whampoa.
Assets and holdingsHusky Energy has proven petroleum reserves of 430 million barrels and 2 trillion cubic feet of natural gas, most of it in western Canada. It owns approximately 500 filling stations in Canada and operates the Lloydminster Heavy Oil Upgrader. Husky holds property and/or mineral rights to some 6.67 million acres (27,000 km²) in western Canada. The corporation also owns some 425,000 acres (1,720 km²) in the Athabasca, Peace River, and Cold Lake regions of western Canada, which the company claims hold some 33 billion barrels of bitumen. Husky holds extensive offshore properties. It is the operator of the White Rose project and partner in the Terra Nova project in the Jeanne d'Arc Basin off Newfoundland The company also owns a 40% interest in the Wenchang project, which expects to derive as much as 92 million barrels of oil from a field located near the mouth of the Pearl River. The remaining sixty percent of the project is owned by the Chinese National Offshore Oil Corporation (CNOOC). Interests have also been acquired in two fields located off the coast of Madura, Indonesia. In terms of refined products facilities, Husky owns and operates a light oil refinery at Prince George, British Columbia; an asphalt refinery at Lloydminster, Alberta/Saskatchewan; an ethanol plant at Lloydminster; and another at Minnedosa, Manitoba. A substantial portion of Husky's property and operations base comes from its acquisition of Renaissance Energy. In 2003 it also purchased the Canadian unit of the American-based Marathon Oil Corporation. OperationsHusky Energy's operations are divided into three categories: Upstream, Midstream, and Refined Products. The Upstream division focuses on oil and gas exploration and extraction. The division's primary projects include mineral extraction from oil sands, and offshore drilling at the White Rose and Wenchang sites. Because some 80% of Alberta's oil sands are too far below the surface for standard mining and drilling precedures to access, Husky plans to use "steam assisted gravity drainage technology", by which bitumen will be raised to closer to the surface through high temperatures. After the bitumen is recovered, it will be subjected to a process by which useful oil will be extracted. The company's Tucker Thermal Project is expected to begin producing in late 2006 and over 35 years it is estimated it will recover some 352 million barrels of bitumen. A second endeavor, the Sunrise Thermal Project, may produce 3.2 billion barrels. Costing 2.35 billion Canadian dollars and starting operation in November 2005, the White Rose project (located off Newfoundland) is anticipated to recover over 600 million barrels of oil. Another offshore project, Wenchang, located off China's Pearl River and run jointly with the CNOOC produced an average of 16,000 barrels per day in 2005. Husky's Midstream division engages in activities such as oil upgrading, pipeline systems, commodity marketing, electricity cogeneration, oil and gas storage, and processing. Currently, Husky markets about 300,000 barrels of oil per day and uses another 145,000 barrels in refining and processing. A total of 500,000 barrels per day are managed overall. The company manages 1.8 billion cubic feet per day of natural gas and transports it along sixteen pipelines. Husky Energy uses ethanol instead of MTBE in their gasoline products. Corporate governanceCurrent members of the board of directors of Husky Energy are: Canning Fok, Donald Fullerton, Martin Glynn, Terence Hui, Brent Kinney, Holger Kluge, Poh Chan Koh, Eva Kwok, Stanley Kwok, John Lau, Victor Li, Wayne Shaw, William Shurniak, and Frank Sixt. External links
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