Husky Tags $4.6B for 2012 Capex

(Dow Jones Newswires), Dec. 1, 2011

Husky Energy is targeting capital spending next year of C$4.7 billion (US $4.6 billion), with more than half of upstream spending earmarked for growth projects such as the Sunrise oil-sands project in Alberta and the Liwan gas project in the Asia-Pacific region.

The 2012 budget is in line with forecast spending for 2011.

The Calgary-based energy company, one of Canada's largest, said investment in Sunrise will more than double to C$610 million as the project ramps up towards planned first production in 2014. About C$1 billion will be spent in the Asia-Pacific region. Spending will also support Husky's foundation in Western Canada.

Its 2012 production guidance is 290,000-315,000 barrels of oil equivalent a day, the same as its guidance for this year's output. However, the company said Thursday that 2011 output is now expected to finish the year towards the high end of the company's guidance, around 312,000 barrels of oil equivalent a day. Reserves replacement is expected to be about 170%, higher than the target of 140%.

Copyright (c) 2011 Dow Jones & Company, Inc.

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