Husky Energy Inc. annual balance sheet for HSE.CA company financials.

Distributed by Public, unedited and unaltered, on 26 October 2020 09:14:05 UTC, Board of Directors will consist of a majority of independent directors, Board will initially consist of 12 directors, 8 directors selected by Cenovus (1 management director and 7 independent directors), 4 directors selected from Husky (must include at least 1 independent), Lloyd Thermal - repeatable, profitable development opportunities, backstopped by low decline, stable operations at Sunrise & Tucker, Extensive resource portfolio to sustain current production at low cost for 33+ years, Combined pipeline, rail, storage and refining platform enhances ability to capture margin, Investment options including future China and Indonesia developments and West White Rose, Attractive ROIC development opportunities including, Lower priced, higher diluent feedstock via FCCL, Reduced exposure to condensate prices and shortened value chain, Improved capital allocation options by displacing current production feed, Optimizing the complex with FCCL's crude slate to reduce the feedstock cost and maximize margin, Expanding the complex with a diluent recovery unit, adding a second train and vacuum tower, to be realized within the upstream assets, by pivoting capital to higher margin production and development opportunities, At closing, the combined company will have $8.5 billion in committed credit facilities from a broad banking syndicate, Free cash flow profile provides opportunities in the near term to repay outstanding debt, Disciplined capital allocation focused on, Husky shareholder approval required by 66, Cenovus's Board of Directors unanimously supports the transaction and recommends that shareholders vote in favour of the arrangement, Husky's Significant Shareholders have entered into separate irrevocable voting support agreements pursuant to which they have each committed to vote their Husky shares (in aggregate ~70% of the Husky shares) in favour of the transaction at the special meeting of Husky shareholders, In addition to the Support Agreement, Husky's Significant Shareholders will be subject to certain standstill restrictions, voting requirements and transfer restrictions for a term of five years following completion of the transaction, pursuant to a Standstill Agreement, Expected to close in Q1 2021, subject to closing conditions and regulatory approvals, including court approval and the approval of shareholders of both companies, U.S.

We aim to bring you long-term focused research analysis driven by fundamental data. Our forecast for the combined company reaching a net-debt-to-adjusted-EBITDA ratio of less than 2x in 2022 is based on August 20, 2020 forward strip commodity pricing, set out in the below table: The risk factors and uncertainties that could cause actual results to differ materially from the anticipated results or expectations expressed in this presentation, include: the completion and the timing of the transaction; the ability of the Cenovus and Husky to receive, in a timely manner, the necessary regulatory, court, securityholder, stock exchange and other third-party approvals; the ability of Cenovus and Husky to satisfy, in a timely manner, the other conditions to the closing of the transaction; interloper risk; the ability to complete the transaction on the terms contemplated by the arrangement agreement between Cenovus and Husky, and other agreements, including the Support Agreements or at all; the ability of the combined company to realize the anticipated benefits of, and synergies from, the transaction and the timing thereof; failure to achieve and sustain future cost reductions; the timing of the commencement and completion of construction activities, first production and sales, if at all; the impacts of a changing risk profile and possible subjection to a credit rating review, which may result in a downgrade or negative outlook being assigned to the combined company; the ability of the combined company to pay dividends and the approval and declaration of such dividends by the board of the combined company; the potential exposure to political, economic or social instability related to Husky's international operations; the consequences of not completing the transaction, including the volatility of the share prices of Cenovus and Husky, negative reactions from the investment community and the required payment of certain costs related to the transaction; actions taken by government entities or others seeking to prevent or alter the terms of the transaction; potential undisclosed liabilities unidentified during the due diligence process; the accuracy of the pro forma financial information of the combined company after the transaction; the interpretation of the transaction by tax authorities; the success of business integration; the focus of management's time and attention on the transaction and other disruptions arising from the transaction; the ability to access or implement some or all of the technology necessary to efficiently and effectively operate the assets and achieve expected future results; volatility of and other assumptions regarding commodity prices; the duration of the market downturn; a resurgence in cases of COVID-19, which has occurred in certain locations and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy and harms commodity prices; the extent to which COVID-19 and fluctuations in commodity prices associated with COVID-19 impacts the business, results of operations and financial condition, all of which will depend on future developments that are highly uncertain and difficult to predict, including, but not limited to the duration and spread of the pandemic, its severity, the actions taken to contain COVID-19 or treat its impact and how quickly economic activity normalizes; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; continued liquidity being sufficient to sustain operations through a prolonged market downturn; WTI-WCS differential in Alberta does not remain largely tied to the extent to which voluntary economically driven supply cuts are made, production curtailments in Alberta remain in place, the potential start-up of Enbridge Inc.'s Line 3 Replacement Program, the completion of the Trans Mountain Expansion and Keystone XL projects, and the level of crude-by-rail activity; the ability to achieve lower transportation costs as a result of temporarily suspending the crude-by-rail program; the ability to realize the expected impacts of the capacity to store within oil sands reservoirs barrels not yet produced, including possible inability to time production and sales at later dates when pipeline and/or storage capacity and crude oil differentials have improved; failure of the Government of Alberta's mandatory production curtailment to cause the differential between the WTI and the WCS crude oil prices to narrow or to narrow sufficiently to positively impact funds flows; unexpected consequences related to the Government of Alberta's mandatory production curtailment; the Government of Alberta may extend mandatory production curtailment beyond when takeaway capacity constraints have been sufficiently relieved; the effectiveness of risk management programs, including the impact of derivative financial instruments, the success of hedging strategies and the sufficiency of liquidity positions; the accuracy of cost estimates regarding commodity prices, currency and interest rates; lack of alignment of realized WCS prices and WCS prices used to calculate Cenovus's contingent payment to ConocoPhillips; product supply and demand; accuracy of share price and market capitalization assumptions; market competition, including from alternative energy sources; risks inherent in marketing operations, including credit risks, exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; risks inherent in the operation of crude-by-rail terminal, including health, safety and environmental risks; the ability to maintain desirable ratios of net-debt-to-adjusted- EBITDA as well as net debt to capitalization; the ability to access various sources of debt and equity capital, generally, and on acceptable terms; the ability to finance growth and sustaining capital expenditures; changes in credit ratings applicable to the parties or any of their securities; changes to dividend plans; the ability to utilize tax losses in the future; accuracy of reserves, future production and future net revenue estimates; accuracy of accounting estimates and judgements; the ability to replace and expand oil and gas reserves; potential requirements under applicable accounting standards for impairment or reversal of estimated recoverable amounts of some or all of assets or goodwill from time to time; the ability to maintain relationships with partners and to successfully manage and operate integrated businesses; reliability of assets including in order to meet production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; the occurrence of unexpected events such as fires, severe weather conditions, pandemics, explosions, blow- outs, equipment failures, transportation incidents and other accidents or similar events; refining and marketing margins; cost escalations, including inflationary pressures on operating costs, including labour, materials, natural gas and other energy sources used in oil sands processes and increased insurance deductibles or premiums; potential failure of products to achieve or maintain acceptance in the market; risks associated with fossil fuel industry reputation and litigation related thereto; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in producing, transporting or refining of bitumen and/or crude oil into petroleum and chemical products; risks associated with technology and equipment, including potential cyberattacks; risks associated with climate change and assumptions relating thereto; the ability to reach net zero emissions by 2050; the timing and the costs of well and pipeline construction; the ability to secure adequate and cost effective product transportation including sufficient pipeline, crude-by-rail, marine or alternate transportation, including to address any gaps caused by constraints in the pipeline system or storage capacity; availability of, and the ability to attract and retain, critical talent; possible failure to obtain and retain qualified staff and equipment in a timely and cost efficient manner; changes in labour relationships; changes in the regulatory framework in any of the locations in which Cenovus or Husky operate, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon, climate change and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes and standards; changes in general economic, market and business conditions; the impact of production agreements among OPEC and non-OPEC members; the political and economic conditions in the countries in which Cenovus and Husky operate or supply; the occurrence of unexpected events such as pandemics, war, terrorist threats and the instability resulting therefrom; and risks associated with existing and potential future lawsuits, shareholder proposals and regulatory actions. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Calculations based on Aug.20, 2020 forward strip commodity price assumptions. Adjusted EBITDA is a non-GAAP measured defined as net earnings before finance costs, interest income, income tax expense, depreciation, depletion and amortization, exploration & evaluation write-down, goodwill impairments, asset impairments and reversals, unrealized gains (losses) on risk management, foreign exchange gains (losses), revaluation gain, re-measurement of contingent payment, gains (losses) on divestiture of assets, and other income (loss), net, calculated on a trailing twelve-month basis. See Advisory, Positioned for free funds flow across the cycle, More stable revenue profile leads to more predictable funds flow relative to Cenovus standalone business, Note: (1) Illustrative 2021 free funds flow is calculated pre-dividend and assumes sustaining capital (~$2.4 billion) and no other capital, US$10.00/bbl WTI-WCS differential (in US$40 WTI case), US$13.00/bbl WTI-WCS differential (in all other WTI cases), US$11-$13/bbl Chicago 3-2-1 Crack, and 0.75 CAD/USD exchange rate. Readers can access a list of growth stocks with zero net debt 100% free, right now. In order to size up a company’s debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation.

This forward-looking information is identified by words such as "aim", "anticipate", "believe", "can be", "capacity", "committed", "commitment", "continue", "could", "drive", "E", "enhance", "ensure", "estimate", "expect", "F", "focus", "forecast", "forward", "future", "guidance", "maintain", "may", "objective", "opportunities", "outlook", "plan", "position", "potential", "priority", "re-establishing", "strategy", "should", "target", "will", or similar expressions and includes suggestions of future outcomes, including statements about: the timing and completion of the plan of arrangement and the acquisition of all issued and outstanding Husky common shares and Husky preferred shares, if applicable; the timing and anticipated receipt of required regulatory, court and securityholder approvals for the transaction and other customary closing conditions; Cenovus's ability to issue securities pursuant to the transaction; anticipated share ownership of the combined company following the transaction; the anticipated benefits of the transaction, including corporate, operational and other synergies and the timing thereof; the ability to integrate the businesses of Cenovus and Husky, anticipated margins and reductions to free funds flow break-even at WTI, excluding one-time transaction related costs; expected free funds flow; planned capital allocation; anticipated savings and the sustainability and timing thereof; the expected exposure to WCS oil prices, Alberta and global commodity prices and anticipated sensitivity to commodity price fluctuations; the anticipated effect of the transaction on the profitability, liquidity and cost structure of the combined company; anticipated free funds flow generation and stability; expectations of the combined company's deleveraging capability; the anticipated reserves of the combined company; the expected credit profile and credit ratings; expectations of the combined company's ability to pay dividends, subject to board approval, and any increases thereto; the anticipated safety and reliability of the operations of the combined company; the relative size of the combined company; the expected benefits of the midstream gathering, upgrading, refining and transportation network and assets, including high netback international offshore natural gas assets, to be acquired by Cenovus and the quality and efficiencies thereof; expected pro forma financial and operational projections for 2021 and future years and plans and strategies to realize such projections; the expected development and growth of the combined company's business and plans and strategies to realize such expectations; the combined company's net-debt-to-Adjusted-EBITDA ratio; the combined company's credit facilities; the planned commitments to clean technology, emission intensity reductions, Indigenous engagement, environmental stewardship and diversity; expectations of future production and the timing, stability and growth thereof; anticipated transportation, processing and refining capacities; anticipated priorities for 2020 and future years; anticipated market access; the expected ability to implement the necessary operating expertise; ambition of net zero emissions by 2050; the composition of the combined company's board of directors and management following closing of the transaction; and the projected shareholder returns. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time.

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