Exhibit 99.1

Disclosure about Oil and Gas Producing Activities - Accounting Standards Codification 932, Extractive Activities - Oil and Gas (unaudited)

The following disclosures have been prepared in accordance with FASB Accounting Standards Codification 932, Extractive Activities - Oil and
Gas. In December 2009, Husky adopted revised oil and gas reserve estimation and disclosure requirements that conformed the definition of proved reserves to the SEC Modernization of Oil and Gas Reporting rules, issued by the SEC in 2008. An
accounting standards update revised the definition of proved oil and gas reserves to require that the average, first-day-of-the-month price during the 12-month period before the end of the year rather than the year-end price, must be used when
estimating whether reserve quantities are economic to produce. This same 12-month average price is also used in calculating the aggregate amount of (and changes in) future cash inflows related to the standardized measure of discounted future net
cash flows. The rules also allow for the use of reliable technologies to estimate proved oil, natural gas, and NGL reserves if those technologies have been demonstrated to result in reliable conclusions about reserve volumes.

The unaudited supplemental information on oil and gas exploration and production activities for 2015, 2014, and 2013 has been presented in accordance with the
revised reserve estimation and disclosure rules, which were not applied retrospectively.

Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable
certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations.

Proved developed oil and gas reserves are proved reserves that can be expected to be recovered:(i) through existing wells with existing equipment and
operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the
extraction is by means not involving a well.

Proved undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells
on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

Canadian provincial royalties are
determined based on a graduated percentage scale, which varies with prices and production volumes. Canadian reserves, as presented on a net basis, assume prices and royalty rates in existence at the time the estimates were made, and Huskys
estimate of future production volumes. Future fluctuations in prices, production rates, or changes in political or regulatory environments could cause Huskys share of future production from Canadian reserves to be materially different from
that presented.

Subsequent to December 31, 2015, no major discovery or other favourable or adverse event is believed to have caused a material
change in the estimates of developed or undeveloped reserves as of that date.

Note that the numbers in each column of the tables throughout this exhibit
may not add due to rounding.



---

Results of Operations for Producing Activities(1)(unaudited)



|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  
|-------------------------------------------------- |  | ---------------------------- | ------ | - | ------------- |  | ----- | ----- |  |  | ------ | -
|                                                   |  | Year Ended December 31, 2015 |       
|($ millions)                                       |  | Canada                       |        |   | International |  |       | Total | 
|Revenues, net of Royalties                         |  |                              | 3,487  |   |               |  | 1,243 |       |  |  | 4,730  |  
|Production and Operating Expenses                  |  |                              | 1,907  |   |               |  | 97    |       |  |  | 2,004  |  
|Depreciation, Depletion, Amortization & Impairment |  |                              | 7,418  |   |               |  | 553   |       |  |  | 7,971  |  
|Exploration & Evaluation Expenses                  |  |                              | 74     |   |               |  |      |       |  |  | 74     |  
|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  
|Earnings (Loss) Before Taxes                       |  |                              | (5,912 | ) |               |  | 593   |       |  |  | (5,319 | )
|Income Taxes Expense (Recovery)                    |  |                              | (1,596 | ) |               |  | 148   |       |  |  | (1,448 | )
|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  
|Results of Operations                              |  |                              | (4,316 | ) |               |  | 445   |       |  |  | (3,871 | )
|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  
|                                                   | 
|                                                   |  | Year Ended December 31, 2014 |       
|($ millions)                                       |  | Canada                       |        |   | International |  |       | Total | 
|Revenues, net of Royalties                         |  |                              | 6,567  |   |               |  | 773   |       |  |  | 7,340  |  
|Production Expenses                                |  |                              | 2,010  |   |               |  | 83    |       |  |  | 2,093  |  
|Depreciation, Depletion, Amortization & Impairment |  |                              | 3,119  |   |               |  | 291   |       |  |  | 3,410  |  
|Exploration & Evaluation Expenses                  |  |                              | 104    |   |               |  |      |       |  |  | 104    |  
|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  
|Earnings Before Taxes                              |  |                              | 1,334  |   |               |  | 399   |       |  |  | 1,733  |  
|Income Tax Expense                                 |  |                              | 344    |   |               |  | 147   |       |  |  | 491    |  
|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  
|Results of Operations                              |  |                              | 990    |   |               |  | 252   |       |  |  | 1,242  |  
|                                                   |  |                              |        |   |               |  |       |       |  |  |        |  



|(1) | The costs in this schedule exclude corporate overhead, interest expense and other operating costs, which are not directly related to producing activities.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (unaudited)



|                     |  |        |       |  |               |  |     |       |  |  |       | 
|-------------------- |  | ------ | ----- |  | ------------- |  | --- | ----- |  |  | ----- | 
|($ millions)         |  | Canada |       |  | International |  |     | Total | 
|2015                 |  |        |       |  |               |  |     |       |  |  |       | 
|Property Acquisition |  |        |       |  |               |  |     |       |  |  |       | 
|Unproved             |  |        |      |  |               |  |    |       |  |  |      | 
|Proved               |  |        | 56    |  |               |  |    |       |  |  | 56    | 
|Exploration          |  |        | 246   |  |               |  | 3   |       |  |  | 249   | 
|Development          |  |        | 1,867 |  |               |  | 65  |       |  |  | 1,932 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|Total Costs Incurred |  |        | 2,169 |  |               |  | 68  |       |  |  | 2,237 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|2014                 |  |        |       |  |               |  |     |       |  |  |       | 
|Property Acquisition |  |        |       |  |               |  |     |       |  |  |       | 
|Unproved             |  |        |      |  |               |  |    |       |  |  |      | 
|Proved               |  |        | 51    |  |               |  |    |       |  |  | 51    | 
|Exploration          |  |        | 358   |  |               |  | 17  |       |  |  | 375   | 
|Development          |  |        | 3,537 |  |               |  | 403 |       |  |  | 3,940 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|Total Costs Incurred |  |        | 3,946 |  |               |  | 420 |       |  |  | 4,366 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|2013                 |  |        |       |  |               |  |     |       |  |  |       | 
|Property Acquisition |  |        |       |  |               |  |     |       |  |  |       | 
|Unproved             |  |        | 1     |  |               |  |    |       |  |  | 1     | 
|Proved               |  |        | 37    |  |               |  |    |       |  |  | 37    | 
|Exploration          |  |        | 580   |  |               |  | 21  |       |  |  | 601   | 
|Development          |  |        | 3,057 |  |               |  | 665 |       |  |  | 3,722 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 
|Total Costs Incurred |  |        | 3,675 |  |               |  | 686 |       |  |  | 4,361 | 
|                     |  |        |       |  |               |  |     |       |  |  |       | 



---

Acquisition costs include costs incurred to purchase, lease or otherwise acquire oil and gas properties.

Exploration costs include the costs of geological and geophysical activity, retaining undeveloped properties and drilling and equipping exploration wells.

Development costs include the costs of (i) drilling and equipping development wells and (ii) facilities to extract, treat, gather and store oil
and gas.

Exploration and development costs include administrative costs and depreciation of support equipment directly associated with these activities.

The following table sets forth a summary of oil and gas property costs not being amortized at December 31, 2015, by the year in which the costs were
incurred:

Withheld Costs (unaudited)



|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|--------------------------- |  | ----- | ----- |  | ---- |  | ----- | ---- |  |  | ---- |  |  | ------------- | --- |  |  |  | -- | 
|($ millions)                |  | Total |       |  | 2015 |  |       | 2014 |  |  | 2013 |  |  | Prior to 2012 |    
|Property Acquisitions       |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Canada                      |  |       | 75    |  |      |  | 54    |      |  |  | 15   |  |  |               | 6   |  |  |  |   | 
|International               |  |       |      |  |      |  |      |      |  |  |     |  |  |               |    |  |  |  |   | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Total Property Acquisitions |  |       | 75    |  |      |  | 54    |      |  |  | 15   |  |  |               | 6   |  |  |  |   | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Exploration                 |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Canada                      |  |       | 688   |  |      |  | 246   |      |  |  | 347  |  |  |               | 95  |  |  |  |   | 
|International               |  |       | 424   |  |      |  | 14    |      |  |  | 36   |  |  |               | 374 |  |  |  |   | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Total Exploration           |  |       | 1,112 |  |      |  | 260   |      |  |  | 383  |  |  |               | 469 |  |  |  |   | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Development                 |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Canada                      |  |       | 2,115 |  |      |  | 1,558 |      |  |  | 557  |  |  |               |    |  |  |  |   | 
|International               |  |       | 128   |  |      |  | 63    |      |  |  |     |  |  |               |    |  |  |  | 65 | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Total Development           |  |       | 2,243 |  |      |  | 1,621 |      |  |  | 557  |  |  |               |    |  |  |  | 65 | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Capitalized Interest        |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Canada                      |  |       | 96    |  |      |  | 91    |      |  |  | 5    |  |  |               |    |  |  |  |   | 
|International               |  |       | 115   |  |      |  | 30    |      |  |  | 9    |  |  |               | 76  |  |  |  |   | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Total Capitalized Interest  |  |       | 211   |  |      |  | 121   |      |  |  | 14   |  |  |               | 76  |  |  |  |   | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 
|Total Withheld Costs        |  |       | 3,641 |  |      |  | 2,056 |      |  |  | 969  |  |  |               | 551 |  |  |  | 65 | 
|                            |  |       |       |  |      |  |       |      |  |  |      |  |  |               |     |  |  |  |    | 



---

Capitalized Costs Relating to Oil and Gas Producing Activities (unaudited)



|                      |  |        |         |   |               |  |        |       |  |  |         |  
|--------------------- |  | ------ | ------- | - | ------------- |  | ------ | ----- |  |  | ------- | -
|($ millions)          |  | Canada |         |   | International |  |        | Total | 
|2015                  |  |        |         |  
|Proved Properties (1) |  |        | 45,479  |   |               |  | 5,107  |       |  |  | 50,586  |  
|Unproved Properties   |  |        | 690     |   |               |  | 452    |       |  |  | 1,142   |  
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|                      |  |        | 46,169  |   |               |  | 5,559  |       |  |  | 51,728  |  
|Accumulated DD&A      |  |        | (29,889 | ) |               |  | (1,409 | )     |  |  | (31,298 | )
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|Net Capitalized Costs |  |        | 16,280  |   |               |  | 4,150  |       |  |  | 20,430  |  
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|2014                  |  |        |         |   |               |  |        |       |  |  |         |  
|Proved Properties (1) |  |        | 43,828  |   |               |  | 4,242  |       |  |  | 48,070  |  
|Unproved Properties   |  |        | 834     |   |               |  | 400    |       |  |  | 1,234   |  
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|                      |  |        | 44,662  |   |               |  | 4,642  |       |  |  | 49,304  |  
|Accumulated DD&A      |  |        | (22,996 | ) |               |  | (686   | )     |  |  | (23,682 | )
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|Net Capitalized Costs |  |        | 21,666  |   |               |  | 3,956  |       |  |  | 25,622  |  
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|2013                  |  |        |         |   |               |  |        |       |  |  |         |  
|Proved Properties (1) |  |        | 39,786  |   |               |  | 3,475  |       |  |  | 43,261  |  
|Unproved Properties   |  |        | 855     |   |               |  | 343    |       |  |  | 1,198   |  
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|                      |  |        | 40,641  |   |               |  | 3,818  |       |  |  | 44,459  |  
|Accumulated DD&A      |  |        | (20,129 | ) |               |  | (353   | )     |  |  | (20,482 | )
|                      |  |        |         |   |               |  |        |       |  |  |         |  
|Net Capitalized Costs |  |        | 20,512  |   |               |  | 3,465  |       |  |  | 23,977  |  
|                      |  |        |         |   |               |  |        |       |  |  |         |  



|(1) | Capitalized costs related to proved properties include ARO costs. The gross ARO costs for the years presented were as follows:
|--- | ------------------------------------------------------------------------------------------------------------------------------



|             |  |        |       |  |               |  |     |       |  |  |       | 
|------------ |  | ------ | ----- |  | ------------- |  | --- | ----- |  |  | ----- | 
|($ millions) |  | Canada |       |  | International |  |     | Total | 
|2015         |  |        | 2,389 |  |               |  | 240 |       |  |  | 2,629 | 
|2014         |  |        | 2,510 |  |               |  | 183 |       |  |  | 2,693 | 
|2013         |  |        | 2,391 |  |               |  | 161 |       |  |  | 2,552 | 



---

Oil and Gas Reserve Information

In Canada, Huskys proved crude oil, NGL and natural gas reserves are located in the provinces of Alberta, Saskatchewan, British Columbia, and offshore
East Coast of Canada. Huskys international proved reserves are located in China, Indonesia and Libya.



|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|------------------------------------------- |  | -------- | ---- | - | ------------- |  | --- | ----------- |  |  | --------- | - |  | -------- | -- | - | ----------- |  | -- | --------- |  |  | -------- | - |  | ----------- | ---- | - | ------------- |  | -- | - |  |  | ----- | - |  |  | ----- | -
|                                            |  | Canada   |      |   | International |  |     | Total       | 
|                                            |  | CrudeOil |      |   | NGL           |  |     | Natural
Gas |  |  | Crude
Oil |   |  | NGL      |    |   | Natural
Gas |  |    | Crude
Oil |  |  | NGL      |   |  | Natural
Gas |      |   | Total
Company | 
|Reserves                                    |  | (mmbbls) |      |   | (mmbbls)      |  |     | (bcf)       |  |  | (mmbbls)  |   |  | (mmbbls) |    |   | (bcf)       |  |    | (mmbbls)  |  |  | (mmbbls) |   |  | (bcf)       |      |   | (mmboe)       | 
|Net Proved Reserves (1) (2) (3) (4)         |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |  
|End of Year 2012                            |  |          | 602  |   |               |  | 58  |             |  |  | 1,417     |   |  |          | 6  |   |             |  | 10 |           |  |  | 379      |   |  |             | 608  |   |               |  | 68 |   |  |  | 1,796 |   |  |  | 976   |  
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|Revisions                                   |  |          | 20   |   |               |  | (2  | )           |  |  | 144       |   |  |          | 3  |   |             |  | 1  |           |  |  | 3        |   |  |             | 23   |   |               |  | (1 | ) |  |  | 147   |   |  |  | 80    |  
|Purchases                                   |  |          | 1    |   |               |  |    |             |  |  | 1         |   |  |          |   |   |             |  |   |           |  |  |         |   |  |             | 1    |   |               |  |   |   |  |  | 1     |   |  |  | 1     |  
|Sales                                       |  |          |     |   |               |  |    |             |  |  | (3        | ) |  |          |   |   |             |  |   |           |  |  |         |   |  |             |     |   |               |  |   |   |  |  | (3    | ) |  |  | (1    | )
|Improved Recovery                           |  |          | 7    |   |               |  |    |             |  |  |          |   |  |          |   |   |             |  |   |           |  |  |         |   |  |             | 7    |   |               |  |   |   |  |  |      |   |  |  | 7     |  
|Discoveries and Extensions                  |  |          | 75   |   |               |  | 5   |             |  |  | 228       |   |  |          | 0  |   |             |  | 1  |           |  |  | 21       |   |  |             | 75   |   |               |  | 6  |   |  |  | 249   |   |  |  | 89    |  
|Production                                  |  |          | (67  | ) |               |  | (3  | )           |  |  | (174      | ) |  |          | (2 | ) |             |  |   |           |  |  |         |   |  |             | (69  | ) |               |  | (3 | ) |  |  | (174  | ) |  |  | (101  | )
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|End of Year 2013                            |  |          | 638  |   |               |  | 58  |             |  |  | 1,613     |   |  |          | 7  |   |             |  | 12 |           |  |  | 403      |   |  |             | 645  |   |               |  | 70 |   |  |  | 2,016 |   |  |  | 1,051 |  
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|Revisions                                   |  |          | (8   | ) |               |  | (12 | )           |  |  | 387       |   |  |          | (1 | ) |             |  | 5  |           |  |  | 95       |   |  |             | (9   | ) |               |  | (7 | ) |  |  | 482   |   |  |  | 63    |  
|Purchases                                   |  |          | 3    |   |               |  | 0   |             |  |  | 0         |   |  |          | 0  |   |             |  | 0  |           |  |  | 0        |   |  |             | 3    |   |               |  | 0  |   |  |  | 0     |   |  |  | 3     |  
|Sales                                       |  |          | (5   | ) |               |  | 0   |             |  |  | (1        | ) |  |          | 0  |   |             |  | 0  |           |  |  | 0        |   |  |             | (5   | ) |               |  | 0  |   |  |  | (1    | ) |  |  | (5    | )
|Improved Recovery                           |  |          | 15   |   |               |  | 0   |             |  |  | 0         |   |  |          | 0  |   |             |  | 0  |           |  |  | 0        |   |  |             | 15   |   |               |  | 0  |   |  |  | 0     |   |  |  | 15    |  
|Discoveries and Extensions                  |  |          | 69   |   |               |  | 6   |             |  |  | 117       |   |  |          | 1  |   |             |  | 0  |           |  |  | 0        |   |  |             | 70   |   |               |  | 6  |   |  |  | 117   |   |  |  | 96    |  
|Production                                  |  |          | (69  | ) |               |  | (3  | )           |  |  | (168      | ) |  |          | (1 | ) |             |  | (2 | )         |  |  | (40      | ) |  |             | (70  | ) |               |  | (5 | ) |  |  | (208  | ) |  |  | (110  | )
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|End of Year 2014                            |  |          | 643  |   |               |  | 49  |             |  |  | 1,948     |   |  |          | 6  |   |             |  | 15 |           |  |  | 458      |   |  |             | 649  |   |               |  | 64 |   |  |  | 2,406 |   |  |  | 1,113 |  
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|Revisions                                   |  |          | (259 | ) |               |  | (12 | )           |  |  | (490      | ) |  |          | 1  |   |             |  | 4  |           |  |  | 53       |   |  |             | (258 | ) |               |  | (8 | ) |  |  | (437  | ) |  |  | (339  | )
|Purchases                                   |  |          | 0    |   |               |  | 0   |             |  |  | 7         |   |  |          | 0  |   |             |  | 0  |           |  |  | 0        |   |  |             | 0    |   |               |  | 0  |   |  |  | 7     |   |  |  | 2     |  
|Sales                                       |  |          | (4   | ) |               |  | 0   |             |  |  | (6        | ) |  |          | 0  |   |             |  | 0  |           |  |  | 0        |   |  |             | (4   | ) |               |  | 0  |   |  |  | (6    | ) |  |  | (5    | )
|Improved Recovery                           |  |          | 1    |   |               |  | 0   |             |  |  | 0         |   |  |          | 0  |   |             |  | 0  |           |  |  | 0        |   |  |             | 1    |   |               |  | 0  |   |  |  | 0     |   |  |  | 1     |  
|Discoveries and Extensions                  |  |          | 93   |   |               |  | 1   |             |  |  | 109       |   |  |          | 0  |   |             |  | 0  |           |  |  | 74       |   |  |             | 93   |   |               |  | 1  |   |  |  | 183   |   |  |  | 125   |  
|Production                                  |  |          | (67  | ) |               |  | (3  | )           |  |  | (179      | ) |  |          | (3 | ) |             |  | (3 | )         |  |  | (60      | ) |  |             | (70  | ) |               |  | (6 | ) |  |  | (239  | ) |  |  | (116  | )
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|End of Year 2015                            |  |          | 407  |   |               |  | 35  |             |  |  | 1,389     |   |  |          | 4  |   |             |  | 16 |           |  |  | 525      |   |  |             | 411  |   |               |  | 51 |   |  |  | 1,914 |   |  |  | 781   |  
|                                            |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |   |             |  |    |           |  |  |          |   |  |             |      |   |               |  |    |   |  |  |       |   |  |  |       |  
|Net Proved Developed Reserves(1)(2)(3)(4)   |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |  
|End of Year 2012                            |  |          | 331  |   |               |  | 50  |             |  |  | 1,191     |   |  |          | 6  |   |             |  |   |           |  |  |         |   |  |             | 337  |   |               |  | 50 |   |  |  | 1,191 |   |  |  | 585   |  
|End of Year 2013                            |  |          | 332  |   |               |  | 51  |             |  |  | 1,247     |   |  |          | 7  |   |             |  | 7  |           |  |  | 275      |   |  |             | 339  |   |               |  | 58 |   |  |  | 1,522 |   |  |  | 651   |  
|End of Year 2014                            |  |          | 356  |   |               |  | 39  |             |  |  | 1,476     |   |  |          | 6  |   |             |  | 10 |           |  |  | 335      |   |  |             | 362  |   |               |  | 49 |   |  |  | 1,811 |   |  |  | 713   |  
|End of Year 2015                            |  |          | 264  |   |               |  | 32  |             |  |  | 1,116     |   |  |          | 4  |   |             |  | 12 |           |  |  | 323      |   |  |             | 268  |   |               |  | 44 |   |  |  | 1,439 |   |  |  | 551   |  
|Net Proved Undeveloped Reserves(1)(2)(3)(4) |  |          |      |   |               |  |     |             |  |  |           |   |  |          |    |  
|End of Year 2012                            |  |          | 271  |   |               |  | 8   |             |  |  | 226       |   |  |          |   |   |             |  | 10 |           |  |  | 379      |   |  |             | 271  |   |               |  | 18 |   |  |  | 605   |   |  |  | 391   |  
|End of Year 2013                            |  |          | 306  |   |               |  | 7   |             |  |  | 366       |   |  |          |   |   |             |  | 5  |           |  |  | 128      |   |  |             | 306  |   |               |  | 12 |   |  |  | 494   |   |  |  | 400   |  
|End of Year 2014                            |  |          | 287  |   |               |  | 10  |             |  |  | 472       |   |  |          |   |   |             |  | 5  |           |  |  | 123      |   |  |             | 287  |   |               |  | 15 |   |  |  | 595   |   |  |  | 400   |  
|End of Year 2015                            |  |          | 143  |   |               |  | 2   |             |  |  | 273       |   |  |          |   |   |             |  | 5  |           |  |  | 202      |   |  |             | 143  |   |               |  | 7  |   |  |  | 475   |   |  |  | 230   |  



|(1) | Net reserves are the Companys lesser royalty, overriding royalty and working interest share of the gross remaining reserves, after deduction of any crown,
freehold and overriding royalties. Such royalties are subject to change by legislation or regulation and can also vary depending on production rates, selling prices and timing of initial production.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Reserves are the estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward,
from known reservoirs, and under existing economic conditions, operating methods and government regulations.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Proved developed oil and gas reserves are proved reserves that can be expected to be recovered: (i) through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well. Proved
undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

The Companys reserve replacement ratio(1) for the last
three years was as follows:



|                                    |  |      |      |   |      |  |     |      |  |  |     |  
|----------------------------------- |  | ---- | ---- | - | ---- |  | --- | ---- |  |  | --- | -
|Net Proved Oil and Gas Reserves     |  | 2015 |      |   | 2014 |  |     | 2013 | 
|Excluding Acquisition & Divestiture |  |      | -184 | % |      |  | 159 | %    |  |  | 174 | %
|Including Acquisition & Divestiture |  |      | -188 | % |      |  | 157 | %    |  |  | 174 | %



|(1) | Reserve replacement ratio is calculated as net reserve additions during the period divided by total production during the period. Net reserve additions include: revisions, purchases, sales, improved recovery, and
discoveries and extensions.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (unaudited)

The following information has been developed utilizing procedures prescribed by FASB Accounting Standards Codification 932, Extractive
Activities - Oil and Gas and is based on crude oil and natural gas reserve and production volumes estimated by the Companys reserves evaluation staff. It may be useful for certain comparison purposes, but should not be solely relied upon
in evaluating Husky or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash
flows be viewed as representative of the current value of Huskys reserves.

The future cash flows presented below are based on average sales prices
and cost rates, and statutory income tax rates in existence as of the date of the projections. It is expected that material revisions to some estimates of crude oil and natural gas reserves may occur in the future, development and production of the
reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.

Management
does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves, and varying price and cost assumptions
considered more representative of a range of possible economic conditions that may be anticipated.

The computation of the standardized measure of
discounted future net cash flows relating to proved oil and gas reserves at December 31, 2015 was based on the NYMEX 2015 average natural gas cash market price of U.S. $2.59/mmbtu (2014 average - U.S. $4.35/mmbtu; 2013 average - U.S.
$3.67/mmbtu) and on crude oil prices computed with reference to the 2015 average WTI spot price of U.S. $50.20/bbl (2014 average - U.S. $94.42/bbl; 2013 average - U.S. $97.48/bbl). Natural gas prices for China and Indonesia reserves are based on
various Gas Sales Agreements.



|                                                         |  |           |        |   |                  |  |        |          |  |  |        |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |        |   |  |  |        |  |  |  |        | 
|-------------------------------------------------------- |  | --------- | ------ | - | ---------------- |  | ------ | -------- |  |  | ------ |  |  | ---- | ----- |  | ---- |  | ----- | ---- |  |  | ----- |  |  | ---- | ------ | - |  |  | ------ |  |  |  | ------ | 
|Standardized Measure                                     |  | Canada(1) |        |   | International(1) |  |        | Total(1) | 
|(unaudited)($ millions)                                  |  | 2015      |        |   | 2014             |  |        | 2013     |  |  | 2015   |  |  | 2014 |       |  | 2013 |  |       | 2015 |  |  | 2014  |  |  | 2013 |       
|Future Cash Inflows                                      |  |           | 22,014 |   |                  |  | 58,947 |          |  |  | 47,890 |  |  |      | 7,218 |  |      |  | 7,254 |      |  |  | 6,331 |  |  |      | 29,232 |   |  |  | 66,201 |  |  |  | 54,221 | 
|Future Production Costs                                  |  |           | 11,358 |   |                  |  | 21,451 |          |  |  | 18,443 |  |  |      | 1,802 |  |      |  | 1,661 |      |  |  | 1,261 |  |  |      | 13,160 |   |  |  | 23,112 |  |  |  | 19,704 | 
|Future Development Costs                                 |  |           | 8,859  |   |                  |  | 15,318 |          |  |  | 11,150 |  |  |      | 726   |  |      |  | 725   |      |  |  | 656   |  |  |      | 9,585  |   |  |  | 16,043 |  |  |  | 11,806 | 
|Future Income Taxes                                      |  |           | 400    |   |                  |  | 5,686  |          |  |  | 4,682  |  |  |      | 667   |  |      |  | 736   |      |  |  | 755   |  |  |      | 1,067  |   |  |  | 6,422  |  |  |  | 5,437  | 
|                                                         |  |           |        |   |                  |  |        |          |  |  |        |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |        |   |  |  |        |  |  |  |        | 
|Future Net Cash Flows                                    |  |           | 1,397  |   |                  |  | 16,492 |          |  |  | 13,615 |  |  |      | 4,023 |  |      |  | 4,132 |      |  |  | 3,659 |  |  |      | 5,420  |   |  |  | 20,624 |  |  |  | 17,274 | 
|Annual 10% Discount Factor                               |  |           | (1,241 | ) |                  |  | 6,672  |          |  |  | 5,119  |  |  |      | 831   |  |      |  | 939   |      |  |  | 660   |  |  |      | (410   | ) |  |  | 7,611  |  |  |  | 5,779  | 
|                                                         |  |           |        |   |                  |  |        |          |  |  |        |  |  |      |       |  |      |  |       |      |  |  |       |  |  |      |        |   |  |  |        |  |  |  |        | 
|Standardized Measure of Discounted Future Net Cash Flows |  |           | 2,638  |   |                  |  | 9,820  |          |  |  | 8,496  |  |  |      | 3,192 |  |      |  | 3,193 |      |  |  | 2,999 |  |  |      | 5,830  |   |  |  | 13,013 |  |  |  | 11,495 | 



|(1) | The schedules above are calculated using year average prices and year-end costs, statutory income tax rates and existing proved oil and gas reserves for 2013, 2014 and 2015. The value of exploration properties and
probable reserves, future exploration costs, future change in oil and gas prices and in production and development costs are excluded.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
(unaudited)



|                                                                                 |  |            |         |   |                   |  |        |           |  |  |        |   |  |      |        |   |      |  |       |      |  |  |       |   |  |      |         |   |  |  |        |   |  |  |        |  
|-------------------------------------------------------------------------------- |  | ---------- | ------- | - | ----------------- |  | ------ | --------- |  |  | ------ | - |  | ---- | ------ | - | ---- |  | ----- | ---- |  |  | ----- | - |  | ---- | ------- | - |  |  | ------ | - |  |  | ------ | -
|                                                                                 |  | Canada (1) |         |   | International (1) |  |        | Total (1) | 
|($ millions)                                                                     |  | 2015       |         |   | 2014              |  |        | 2013      |  |  | 2015   |   |  | 2014 |        |   | 2013 |  |       | 2015 |  |  | 2014  |   |  | 2013 |        
|Present Value at January 1                                                       |  |            | 9,820   |   |                   |  | 8,496  |           |  |  | 8,646  |   |  |      | 3,193  |   |      |  | 2,999 |      |  |  | 2,064 |   |  |      | 13,013  |   |  |  | 11,495 |   |  |  | 10,710 |  
|Sales and Transfers, net of Production Costs                                     |  |            | (1,368  | ) |                   |  | (4,212 | )         |  |  | (3,980 | ) |  |      | (1,306 | ) |      |  | (668  | )    |  |  | (189  | ) |  |      | (2,674  | ) |  |  | (4,880 | ) |  |  | (4,169 | )
|                                                                                 |  |            |         |   |                   |  |        |           | 
|Net Change in Sales and Transfer Prices, net of Development and Production Costs |  |            | (13,374 | ) |                   |  | 3,257  |           |  |  | 975    |   |  |      | (115   | ) |      |  | 2     |      |  |  | (87   | ) |  |      | (13,489 | ) |  |  | 3,259  |   |  |  | 888    |  
|Development Cost Incurred that Reduced Future Development Costs                  |  |            | 1,990   |   |                   |  | 3,580  |           |  |  | 3,380  |   |  |      | 76     |   |      |  | 514   |      |  |  | 650   |   |  |      | 2,066   |   |  |  | 4,094  |   |  |  | 4,030  |  
|Changes in Estimated Future Development Costs                                    |  |            | 2,887   |   |                   |  | (4,649 | )         |  |  | (3,941 | ) |  |      | (35    | ) |      |  | (571  | )    |  |  | 47    |   |  |      | 2,852   |   |  |  | (5,220 | ) |  |  | (3,894 | )
|Extensions, Discoveries and Improved Recovery, net of Related Costs              |  |            | 1,164   |   |                   |  | 1,872  |           |  |  | 1,281  |   |  |      | 129    |   |      |  | 53    |      |  |  | 203   |   |  |      | 1,293   |   |  |  | 1,925  |   |  |  | 1,484  |  
|                                                                                 |  |            |         |   |                   |  |        |           | 
|Revisions of Quantity Estimates                                                  |  |            | (2,472  | ) |                   |  | 1,063  |           |  |  | 1,169  |   |  |      | 644    |   |      |  | 921   |      |  |  | 237   |   |  |      | (1,828  | ) |  |  | 1,984  |   |  |  | 1,406  |  
|Accretion of Discount                                                            |  |            | 1,629   |   |                   |  | 856    |           |  |  | 939    |   |  |      | 356    |   |      |  | 302   |      |  |  | 262   |   |  |      | 1,985   |   |  |  | 1,158  |   |  |  | 1,201  |  
|Sale of Reserves in Place                                                        |  |            | (93     | ) |                   |  | (100   | )         |  |  | (6     | ) |  |      |       |   |      |  |      |      |  |  |      |   |  |      | (93     | ) |  |  | (100   | ) |  |  | (6     | )
|Purchase of Reserves in Place                                                    |  |            | 4       |   |                   |  | 62     |           |  |  | 25     |   |  |      |       |   |      |  |      |      |  |  |      |   |  |      | 4       |   |  |  | 62     |   |  |  | 25     |  
|Changes in Timing of Future Net Cash Flows and Other                             |  |            | (231    | ) |                   |  | 137    |           |  |  | 158    |   |  |      | 367    |   |      |  | (383  | )    |  |  | (107  | ) |  |      | 136     |   |  |  | (246   | ) |  |  | 51     |  
|Net Change in Income Taxes                                                       |  |            | 2,682   |   |                   |  | (542   | )         |  |  | (150   | ) |  |      | (117   | ) |      |  | 24    |      |  |  | (81   | ) |  |      | 2,565   |   |  |  | (518   | ) |  |  | (231   | )
|                                                                                 |  |            |         |   |                   |  |        |           |  |  |        |   |  |      |        |   |      |  |       |      |  |  |       |   |  |      |         |   |  |  |        |   |  |  |        |  
|Net Increase (Decrease)                                                          |  |            | (7,182  | ) |                   |  | 1,323  |           |  |  | (150   | ) |  |      | (1     | ) |      |  | 195   |      |  |  | 935   |   |  |      | (7,183  | ) |  |  | 1,518  |   |  |  | 785    |  
|                                                                                 |  |            |         |   |                   |  |        |           |  |  |        |   |  |      |        |   |      |  |       |      |  |  |       |   |  |      |         |   |  |  |        |   |  |  |        |  
|Present Value at December 31                                                     |  |            | 2,638   |   |                   |  | 9,820  |           |  |  | 8,496  |   |  |      | 3,192  |   |      |  | 3193  |      |  |  | 2,999 |   |  |      | 5,830   |   |  |  | 13,013 |   |  |  | 11,495 |  
|                                                                                 |  |            |         |   |                   |  |        |           |  |  |        |   |  |      |        |   |      |  |       |      |  |  |       |   |  |      |         |   |  |  |        |   |  |  |        |  



|(1) | The schedules above are calculated using year-end average prices and year-end costs, statutory income tax rates and existing proved oil and gas reserves for 2013,
2014, and 2015. The value of exploration properties and probable reserves, future exploration costs, future changes in oil and gas prices and in production and development costs are excluded.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------