Husky Primed for Growth; 20% Upside in the Stock
At its annual investor day, Husky Energy announced its intentions to grow production at nearly a 5% CAGR over the next five years, which would result in almost 400 mbbl/d of total production. We think the company’s plan is a bit optimistic as management is banking on a midcycle WTI price of $60/bbl. However, we think that company can add over 40 mbbl/d of incremental production, even at our more bearish midcycle WTI price of $55/bbl, resulting in our production forecast of 375 mbbl/d in 2021. We...Husky Energy is engaged in the exploration, development and production of oil and natural gas. Co.'s operations are located in Canada and United States. As of Dec. 31, 2011, Co. had total proved oil and natural gas reserves of 1,172.4 million barrels of oil equivalent (Mmboe) gross (1,010.7 Mmboe net).
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