CALGARY -- Husky Energy (TSX:HSE) is bracing for lower oil prices with a new five-year plan that suggests it can sustain operations even if benchmark New York prices fall as low as US$35 per barrel.
CEO Rob Peabody says the Calgary-based company aims to reduce its break-even commodity price point by 2021 to US$32 per barrel from the current US$33.50.
Oil was trading for just below US$50 per barrel on Tuesday.
At an investor event in Toronto, Peabody said Husky plans to spend an average of $3.3 billion per year to grow output by five per cent per year to almost 400,000 barrels of oil equivalent per day by 2021.
The spending will go to mainly heavy oil projects on the Alberta-Saskatchewan border, as well as offshore projects in the Asia Pacific region and off Canada's East Coast.
On Monday, Husky announced it would move ahead with the West White Rose project offshore Newfoundland and Labrador, expecting to invest $2.2 billion with its partners on the project to get to first oil production by 2022.
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