Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 Husky Energy Inc., Valuation and Financial Data 9 Husky Energy Inc., Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 Husky Energy Inc., Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Husky Energy Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 Husky Energy Inc., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Husky Energy Inc., Quarterly Production Trends 14 Husky Energy Inc., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 Husky Energy Inc., Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 Husky Energy Inc., Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 Husky Energy Inc., Valuation and Financial Data, 2011-2015 20 Husky Energy Inc., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Husky Energy Inc., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Husky Energy Inc., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Husky Energy Inc., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Husky Energy Inc., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 65 Husky Energy Inc., Land Holdings and Well Data 66 Developed and Undeveloped Acreage 66 Gross and Net Developed and Undeveloped Acreage, 2011-2015 66 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 67 Well Statistics 70 Producible Oil and Gas Well, 2011-2015 70 Producible Oil and Gas Well, By Country/Region, 2011-2015 71 Exploration and Development Wells Drilled, 2011-2015 76 Recent Developments 77 Husky Energy Inc. - Recent Developments 77 Apr 25, 2016: Husky Energy Reports First Quarter Results 77 Apr 18, 2016: Husky Energy Begins Production At Edam East 81 Mar 09, 2016: Husky Energy Renews Credit Facility 81 Mar 01, 2016: Husky Energy Begins Steam Operations At Edam East 81 Feb 26, 2016: Husky Energy Reports Fourth Quarter Results 82 Feb 09, 2016: Husky Energy Confirms More Job Cuts Due To Weak Oil Prices 88 Feb 05, 2016: Husky Energy Announces Short Term Hedging Plan 88 Jan 19, 2016: Husky Energy Updates 2016 Guidance 88 Dec 08, 2015: Husky Energy Lowers Break Even To Sub-$40 US WTI, Announces 2016 Guidance 90 Dec 07, 2015: Husky Energy Continues Flemish Pass Appraisal, Secures Rig For Ongoing Drilling Activities 92 Appendix 93 Methodology 93 Coverage 93 Secondary Research 93 Primary Research 93 Data Information Sources 94 Company Source 94 SEC/Other Regulatory Filings 94 Other Sources 94 Expert Panel Validation 94 Data Definition 94 Oil and Gas Reserves 94 Units of Measure 95 About GlobalData 95 Disclosure 95 Disclaimer 95

List of Tables Table 1: Husky Energy Inc., Key Facts 8 Table 2: Husky Energy Inc., Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: Husky Energy Inc., Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: Husky Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: Husky Energy Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: Husky Energy Inc., Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: Husky Energy Inc., Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: Husky Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: Husky Energy Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: Husky Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: Husky Energy Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: Husky Energy Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: Husky Energy Inc., Share Price Performance, 2011-2015 20 Table 14: Husky Energy Inc., Key Valuation Metrics, 2011-2015 21 Table 15: Husky Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Husky Energy Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Husky Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Husky Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Husky Energy Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Husky Energy Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Husky Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Husky Energy Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Husky Energy Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Husky Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Husky Energy Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Husky Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Husky Energy Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Husky Energy Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Husky Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Table 30: Husky Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Husky Energy Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: Husky Energy Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Husky Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Husky Energy Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 57 Table 35: Husky Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Husky Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 64 Table 37: Husky Energy Inc., Oil and Gas Performance Metrics, 2011-2015 65 Table 38: Husky Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 66 Table 39: Husky Energy Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 69 Table 40: Husky Energy Inc., Producible Oil and Gas Wells, 2011-2015 70 Table 41: Husky Energy Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 74 Table 42: Husky Energy Inc., Exploratory and Developed Wells, 2011-2015 76 List of Figures Figure 1: Husky Energy Inc., Share Price Performance, CAD/Share, Q4, 2014-Q4, 2015 9 Figure 2: Husky Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: Husky Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: Husky Energy Inc., Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: Husky Energy Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: Husky Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: Husky Energy Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: Husky Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: Husky Energy Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: Husky Energy Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: Husky Energy Inc., Share Price Performance, CAD/Share, 2011-2015 20 Figure 12: Husky Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Husky Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Husky Energy Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Husky Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Husky Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Husky Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Husky Energy Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Husky Energy Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Husky Energy Inc., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Husky Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Husky Energy Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Husky Energy Inc., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Husky Energy Inc., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Husky Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Husky Energy Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Husky Energy Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Husky Energy Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Husky Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Husky Energy Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Husky Energy Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Husky Energy Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Husky Energy Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Husky Energy Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Husky Energy Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Husky Energy Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Husky Energy Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Husky Energy Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Husky Energy Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Husky Energy Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Husky Energy Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Husky Energy Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Husky Energy Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Husky Energy Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Husky Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Husky Energy Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Husky Energy Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Husky Energy Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Husky Energy Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Husky Energy Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Husky Energy Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Husky Energy Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Husky Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 54: Husky Energy Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 55: Husky Energy Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Husky Energy Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 57: Husky Energy Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Husky Energy Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 59: Husky Energy Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Husky Energy Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 61: Husky Energy Inc., Oil and Gas Performance Metrics, 2011-2015 65 Figure 62: Husky Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 66 Figure 63: Husky Energy Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 67 Figure 64: Husky Energy Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 67 Figure 65: Husky Energy Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 68 Figure 66: Husky Energy Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 68 Figure 67: Husky Energy Inc., Producible Oil and Gas Wells, 2011-2015 70 Figure 68: Husky Energy Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 71 Figure 69: Husky Energy Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 71 Figure 70: Husky Energy Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 72 Figure 71: Husky Energy Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 72 Figure 72: Husky Energy Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 73 Figure 73: Husky Energy Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 73 Figure 74: Husky Energy Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 74 Figure 75: Husky Energy Inc., Exploratory and Developed Wells, 2011-2015 76