Article content

CALGARY — Husky Energy Inc. is considering the sale of part of its vast midstream business and will cut capital spending – particularly in Alberta – in 2016 to make itself more resilient in a low oil price environment.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Husky Energy Inc to sell assets, cut Alberta spending to survive in oil's 'uncharted territory' Back to video

OPEC delegates left their meeting last week, having abandoned all pretense of acting as a cartel. It’s now every member for itself.





[/np_storybar]

In capital spending plans for next year announced Tuesday, the Calgary-based integrated oil company said it would trim investment to about $2.9 billion to $3.1 billion in 2016, from $3.1 billion in 2015, and from $5.1 billion in 2014. Husky will also reduce the break-even oil price it uses for planning purposes to sub-US$40 West Texas Intermediate, from the mid-US$50s last year.

Asim Ghosh, president and CEO of Husky, said he is strengthening the company to succeed in a post-OPEC world. The OPEC cartel initiated a price war against North American producers in late 2014 that has slashed oil prices by two-thirds.