Husky Energy Inc.

Corporate Finance:Energy

Summary

Husky Energy Inc. is a Canadian-based integrated oil and gas company. Upstream operations (56% of 2011 segment earnings) are primarily located in western Canada (80% of 2011 production), Atlantic Canada (17%) and China (3%). Midstream operations (10% of 2011 segment earnings) are located in western Canada and include infrastructure and commodity marketing activities. Downstream operations (34% of 2011 segment earnings) include upgrading in western Canada and refining and marketing in Canada and the United States. Mr. Li Ka-shing and Hutchison Whampoa Limited together own approximately 69% of Husky’s common shares.