1.7 MB - Husky Energy

MANAGEMENT’S DISCUSSION AND ANALYSIS
Midstream Capital Expenditures
Midstream capital expenditures amounted to $105 million in 2001 and were primarily for the
upgrader, pipeline systems and cogeneration facilities.
Midstream Capital Expenditures
Year ended December 31 ($ millions) 2001 2000 1999
Upgrader $ 47 $ 12 $ 15
Infrastructure and marketing 58 47 79
$ 105 $ 59 $ 94
Planned capital expenditures in 2002 amount to $130 million of which $56 million is for
front-end engineering and design for an expansion of the Husky Lloydminster Upgrader and
debottlenecking to improve throughput.
Results of
Operations
Refined Products
Light Oil Products
Year ended December 31 ($ millions, except where indicated) 2001 2000 1999
Gross margin - fuel sales $ 69 $ 55 $ 68
- ancillary sales 27 26 27
96 81 95
Operating expenses 30 27 25
Other expenses 16 13 15
EBITDA 50 41 55
DD&A 25 22 20
Operating profit (EBIT) $ 25 $ 19 $ 35
Number of fuel outlets 580 579 597
Fuel sales volume (million litres/day) 7.6 7.4 7.6
Refinery throughput (mbbls/day) 10.2 9.2 10.2
Asphalt Products
Year ended December 31 ($ millions, except where indicated) 2001 2000 1999
Gross margin $ 106 $ 38 $ 22
Other expenses 1 2 2
EBITDA 105 36 20
DD&A 6 6 6
Operating profit (EBIT) $ 99 $ 30 $ 14
Sales volume (mbbls/day) 21.4 20.2 17.1
Refinery throughput (mbbls/day) 23.7 23.4 17.9
44 MANAGEMENT’S DISCUSSION AND ANALYSIS