History of Husky Energy Inc.

History of Husky Energy Inc.

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Husky Energy Inc. logoHusky Energy headquarters, Calgary, CanadaHusky Energy was originally founded in 1938 in Cody, Wyoming, in the United States, as the Husky Refining Company. Its primary founder was Glenn Nielsen. The first refinery was built in Cody, with a second constructed later in Riverton, Wyoming.

Husky Energy headquarters, Calgary, CanadaIn 1946, the Riverton refinery was moved to Lloydminster, Alberta, Canada, to take advantage of the expanding asphalt and heavy oil opportunities in the area. A wholly owned subsidiary, Husky Oil and Refining Ltd., was created and headquartered in Calgary, Alberta, Canada. The Cody refinery continued operations well into the 1970s, producing primarily asphalt. In the late 1980s and early 1990s, there were periodic rumors floating around Cody that the refinery would be reopened by a variety of different companies. One of the more persistent rumors was the impending purchase and reactivation of the refinery by Flying J. This never happened, however, and the entire refinery was finally razed in the late 1990s.

Husky Energy's operations are divided into three business segments: Upstream, Midstream, and Downstream. The Upstream division focuses on oil and gas exploration and extraction. In addition to its existing producing assets and opportunities in Western Canada, the company has identified three pillars to fuel its future growth: the oil sands, offshore development on the east coast of Canada, and offshore development in South East Asia.

Because some 80% of Alberta's oil sands are too far below the surface for standard mining and drilling procedures to access, Husky plans to use Steam Assisted Gravity Drainage technology, by which bitumen is heated with steam to reduce its viscosity. When the liquid becomes more fluid, it is pumped to the surface and back to the central facility. After the bitumen is recovered, it will be subjected to a process by which useful oil will be extracted. The company's largest oil sands project to date is the Sunrise Energy Project in northern Alberta, which it plans to make operational by late 2014.

The company's Tucker Oil Sands Project began producing in 2006, and at the end of 2011 was producing approximately 10,000 bbl/d (1,600 m3/d).

Costing 2.35 billion Canadian dollars and starting operation in November 2005, the White Rose project (located off Newfoundland) is anticipated to recover over 600 million barrels (95,000,000 m3) of oil. Another offshore project, Wenchang, located off China's Pearl River and run jointly with CNOOC produced an average of 10,700 barrels per day (1,700 m3/d) in 2010.

Husky's Midstream division engages in activities such as oil upgrading, pipeline systems, commodity marketing, electricity cogeneration, oil and gas storage, and processing.

Currently, Husky markets about 952,000 barrels (151,400 m3) of oil per day and processes another 300,000 barrels (48,000 m3) in upgrading and refining. The company's pipeline throughput averaged 512,000 barrels per day (81,400 m3/d) in 2010.

Husky Energy incorporates the use of ethanol in some of its gasoline fuel products.

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