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Husky Energy Closes Sale of Prince George Refinery

Husky Energy Corp., November 5, 2019

Husky Energy has closed the sale of its 12,000 barrel-per-day Prince George Refinery to Tidewater Midstream and Infrastructure for $215 million in cash, plus a closing adjustment of approximately $53.5 million.

Proceeds of the sale will be used in accordance with Husky’s funding priorities, which include maintaining the strength of the balance sheet and returning value to shareholders through a sustainable cash dividend.

The transaction includes a contingent payment to Husky of up to $60 million over two years. The Company has entered into a five-year offtake agreement with Tidewater for refined products from the refinery, located in Prince George, B.C.

TD Securities Inc. acted as financial advisor for the sale, with Torys LLP as legal advisor.


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