Husky Energy Inc. : 2002 annual report

Financial information from Calgary-based Husky Energy Inc. was presented in this annual report and a review of their 2002 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 the major achievements for 2002 and plans for 2003. Among the achievements is the first oil production from Terra Nova and Wenchang and the commencement of the White Rose oil field development project. In the midstream and refined products businesses, Husky Energy achieved record volumes of more than 850,000 barrels of oil equivalent per day and a new record for asphalt sales. The company also received several awards for their performance in the areas of health, safety and the environment. It was noted that 2003 will likely be characterized by more volatility in commodity prices, and natural gas prices are expected to remain strong. Husky is expected to increase production of both oil and gas in 2003. This annual report includes an auditor's report of the company's financial statements and summarized the company's energy resource activities. An operations review was also presented along with consolidated financial statements, summarized balance sheet of assets, liabilities/surplus and net assets, and common share information. Revenue and expenditure statements were summarized by source. tabs., figs