OREANDA-NEWS. Husky Energy is advancing a greatly expanded portfolio of longer-wavelength projects to deliver steady, reliable growth and improve its quality of returns.

In a period when many in the industry are retooling strategies and cutting programs, Husky is in a position where it can maintain its current capital spending profile while delivering higher quality earnings, production and cash flow growth.

"In 2010 our portfolio essentially consisted of five projects, heavily weighted towards the long term," said CEO Asim Ghosh. "Since that time, we have drilled into our portfolio to bring forward a steady pipeline of high return, long-life projects that give us significant flexibility in how we can shape and time our growth."

Production is on pace to increase from 312,000 boe/day in 2013 to the guidance range of 330,000 to 355,000 boe/day for 2014. Capital expenditures are expected to be about USD 5 billion this year, in line with the December 2013 guidance and take into account the securing of a rig to conduct exploration and evaluation activities in the Flemish Pass Basin beginning in the fall.

The Company remains confident with the five-year targets set out in December of 2012, and with the rich queue of projects added to its portfolio the stage is set to continue the track record of sustained growth and higher quality earnings in the years beyond.