4Q15 production was in line with prior guidance, while financial results were more or less in line. Unit operating costs continue to fall while thermal production continues to grow, and Liwan continues to contribute fixed U.S. dollar based revenues. Bids are due in March on Husky’s upstream assets. Combined with its royalty and midstream assets being marketed, we think $2-$3 billion in proceeds may be garnered. In our view, Husky is clearly the best value within the Canadian Integrateds (see cha ....
