Husky Energy plans for higher 2018 capital budget compared with this year

CALGARY — Husky Energy Inc. (TSX:HSE) is planning to increase its capital spending in 2018 to between $2.9 billion and $3.1 billion.

That includes up to $1.1 billion on growth projects and up to $2 billion on sustaining and corporate spending.

The 2018 capital budget is below the annual average of $3.3 billion a year anticipated in the company’s five-year plan, but above its 2017 spending, estimated at about $2.2 billion to $2.3 billion.

Among other things, spending on Husky’s thermal bitumen operations in Western Canada will rise to between $895 million and $930 million from between $560 million and $590 million.

Husky’s spending on its Atlantic light crude operations will rise to between $750 million and $775 million, from $475 million to $500 million, and Canadian natural gas capital spending will rise $25 million to between $215 million and $225 million.

The Calgary-based integrated oil and gas company says new project funding is contingent on meeting a forecast minimum 10 per cent rate of return with a benchmark price of West Texas Intermediate crude at US$45 per barrel.

Next year’s annual production is estimated to average the equivalent of 320,000 to 335,000 barrels of oil per day — about the same as this year.

Just Posted

Trudeau has won the most seats — but not a majority. What happens next?

OTTAWA — The Liberals have once more won the most seats in… Continue reading

UK’s Johnson prepares push to heave Brexit bill over line

LONDON — British lawmakers from across the political spectrum were plotting Tuesday… Continue reading

US highway deaths fall in 2018 for second straight year

DETROIT — The U.S. government’s road safety agency says traffic deaths fell… Continue reading

Permafrost emits more carbon in winter than plants absorb in summer: study

Research has found Arctic soil has warmed to the point where it… Continue reading

Liberals win most seats in Election 2019

OTTAWA — Justin Trudeau is expected to remain prime minister but the… Continue reading

Your community calendar

Tuesday The Small Business Centre at Burman University’s School of Business invites… Continue reading

Canadian rookie Mfiondu Kabengele learning quickly from Clippers superstars

VANCOUVER — Canadian rookie Mfiondu Kabengele knows he has a lot to… Continue reading

Canada beefs up in women’s curling to counter international surge

CALGARY — Canada is deeper in women’s curling talent and so is… Continue reading

The most dangerous celebrity online is revealed

NEW YORK — Actress Alexis Bledel has been bookish and sweet on… Continue reading

Howie Mandel to be subject of a new documentary by Barry Avrich

TORONTO — Howie Mandel’s rise from Toronto carpet salesman to Hollywood personality… Continue reading

Liberals win most seats in Election 2019

OTTAWA — Justin Trudeau is expected to remain prime minister but the… Continue reading

Catalan independence remains an obstacle for Spanish leaders

The demonstrations, some of them violent, are still going on in Catalonia… Continue reading

West Division playoff race still has no shortage of twists and turns

Finally, some clarity in the muddled West Division playoff picture. The Edmonton… Continue reading

Most Read