OREANDA-NEWS. Husky Energy (TSX: HSE) continues to focus on efficiencies, manage its investment flows and maintain its strong balance sheet as it delivers its work program.

"We took a realistic approach with our 2015 business plan and continue to identify strategies to further support our balance sheet in today's lower oil price environment," said CEO Asim Ghosh. "We are continuing to position the Company for beyond this downturn as a low sustaining capital business. By the end of 2016, about half of our total production will be from low sustaining capital projects."

The Company has further refined its capital plan to USD 3.0-3.1 billion from USD 3.4 billion. The savings are primarily related to the rescheduling of discretionary activities in Western Canada and other initiatives. Production for the year is anticipated to remain within the previously announced guidance range of 325,000 to 355,000 barrels of oil equivalent per day (boe/day).

In addition, about USD 400-600 million in operating cost efficiencies has been targeted, in large part through procurement and contract savings to be realized over the course of the year. This will include more effective partnering with suppliers, consolidation and standardization in services.