Husky Energy Cuts 2020 Capital Spending to $1.7 Billion - Seite 2

Planned 2020 Capital Expenditures By Quarter ($ millions)
Q1	Q2	Q3	Q4
600 – 630	350 – 400	400 – 450	270 – 320

Production and Throughput Reductions

Husky continues to safely shut-in production across its Integrated Corridor business, where appropriate. To date, Integrated Corridor production has been reduced by more than 80,000 barrels per day (bbls/day), most of which is heavy oil, with the ability to reduce even further while preserving the option to quickly ramp back up should pricing conditions allow.

Integrated Corridor production is being aligned with upgrading and refining requirements as throughput is adjusted and optimized in line with changing market conditions. As a result, updated 2020 production and throughput guidance will not be provided at this time. Current U.S. refinery throughput has been reduced by around 95,000 bbls/day, or approximately 40% below maximum capacity.

INCREASED LIQUIDITY

Husky continues to prioritize its balance sheet, supported by significant liquidity. As of the end of the first quarter, the Company had approximately $4.7 billion of liquidity, comprised of $1.3 billion in cash and $3.4 billion in available credit facilities.

Since the end of the first quarter, Husky has increased its liquidity with the recent addition of a $500 million term loan, increasing total liquidity towards $5.2 billion. The term loan proceeds have been used to repay syndicate drawings advanced to repay the maturing 5.0% notes on March 12, 2020.

The Company has no long-term debt maturities until 2022.

OPERATIONS AND PROJECT UPDATES

Husky Lloydminster Upgrader

A planned turnaround scheduled to begin in April 2020 has been deferred to late Q3 2020, given the current safety and public health risks inherent in mobilizing and maintaining a large construction workforce during the COVID-19 pandemic. Maintenance work at the Upgrader will proceed where necessary and safe to do so, and operations and throughput will be modified in accordance with maintenance requirements.

A project at the Upgrader to increase diesel production from 6,000 bbls/day to nearly 10,000 bbls/day has also been deferred to late Q3 2020.

Superior Refinery