Husky Energy Inc. 2004 annual report : building on the horizon

Financial information from Calgary-based Husky Energy Inc. was presented in this annual report and a review of their 2004 operations was made available for the benefit of shareholders. Husky Energy is one of Canada's largest producers of oil and gas. It is an integrated energy and energy-related company consisting of 3 segments: upstream, midstream and refined products. The report lists major achievements for 2004 as well as plans for future activities. Husky share prices at December 31 2004 were $34.25. Total shareholder return was 50 per cent, including ordinary and special dividends. Achievements for 2004 included 420 cold productions heavy wells drilled and new discoveries in the Ekwan/Bivouac and Lynx/Copton areas. International achievements included three successful wells drilled in Wenchang, China. In the midstream and refined products businesses, Husky Energy has achieved more than 900,000 barrels of oil equivalent per day as well as setting a new asphalt sales record. In addition, engineering for a de bottlenecking project is 60 per cent complete. Husky Energy has also commenced blending of the new Western Canada Select crude oil stream. Plans for 2005 included growth in heavy oil production up to 10 per cent, construction of the Tucker Oil Sands Project, additional drilling in Wenchang, China and the completion of 80 per cent of the Lloydminster ethanol plant. This annual report includes an auditor's report of the company's energy resource activities. An operations review was also presented along with consolidated financial statements, a summarized balance sheet of assets, liabilities/surplus and net assets, and common share information. Revenue and expenditure statements were summarized by source. tabs., figs