Husky Energy Announces Short Term Hedging Plan

CALGARY, AB--(Marketwired - February 05, 2016) - Husky Energy (TSX: HSE) announced today that it has put in place a short term hedging plan for a portion of its oil production.

Husky generally manages commodity price risk through its strong balance sheet and integrated business model, rather than financial instruments. The objective of this short term hedging plan is to support the delivery of the 2016 business plan by limiting downside price exposure in this volatile environment.

The Lima Refinery and the partner-operated refinery in Toledo will both undergo major turnarounds in the first half of this year. As such, the Company will not have the benefit of full Upstream/Downstream integration during this period.

The short term hedging plan is expected to conclude in mid-year 2016, coinciding with the completion of the refinery turnarounds. The Company will take a measured and prudent approach to this plan. Activity updates will be provided during regular quarterly disclosures.

Husky Energy is one of Canada's largest integrated energy companies. It is headquartered in Calgary, Alberta, Canada and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE. More information is available at www.huskyenergy.com

FORWARD-LOOKING STATEMENTS

Certain statements in this news release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. The forward-looking statements contained in this news release are forward-looking and not historical facts. 

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "is targeting", "estimated", "intend", "plan", "projection", "could", "aim", "vision", "goals", "objective", "target", "schedules" and "outlook"). In particular, forward-looking statements in this news release include, but are not limited to: the anticipated timing and objective of the Company's short term hedging plan; scheduled turnarounds at the Company's Lima and Toledo Refineries and the anticipated resulting impact on integration.