Exhibit 99.1

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

The following unaudited supplemental information on oil and gas exploration and production activities for 2020 and 2019 have been prepared in accordance with FASB Accounting Standards Codification 932, “Extractive Activities - Oil and Gas”:

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, 2020, 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, 2020
($ millions)	Canada			China		Indonesia(2)		Total
Revenues, net of Royalties		1,867			1,110		156		3,133
Production and Operating Expenses		1,247			78		26		1,351
Depreciation, Depletion, Amortization & Impairment		7,032			349		48		7,429
Exploration & Evaluation Expenses		663			16		3		682
Earnings (Loss) Before Taxes		(7,075	)		667		79		(6,329	)
Income Taxes Expense (Recovery)		(1,708	)		167		32		(1,509	)
Results of Operations		(5,367	)		500		47		(4,820	)
	Year Ended December 31, 2019
($ millions)	Canada			China		Indonesia(2)		Total
Revenues, net of Royalties		3,476			998		172		4,646
Production and Operating Expenses		1,548			72		24		1,644
Depreciation, Depletion, Amortization & Impairment		3,987			325		46		4,358
Exploration & Evaluation Expenses		504			43		5		552
Earnings (Loss) Before Taxes		(2,563	)		558		97		(1,908	)
Income Taxes Expense (Recovery)		(619	)		139		39		(441	)
Results of Operations		(1,944	)		419		58		(1,467	)

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

^2. Revenue and expenses related to the Husky-CNOOC Madura Ltd. joint venture are accounted for under the equity method for consolidated financial statement purposes.

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

($ millions)	Canada		China		Indonesia(1)		Total
2020
Property Acquisition
Unproved		1		—		—		1
Proved		—		—		—		—
Exploration		4		3		—		7
Development		930		161		3		1,094
Total Costs Incurred		935		164		3		1,102
2019
Property Acquisition
Unproved		—		—		—		—
Proved		6		—		—		6
Exploration		84		9		—		93
Development		2,421		342		1		2,764
Total Costs Incurred		2,511		351		1		2,736

^1. Capital expenditures related to the Husky-CNOOC Madura Ltd. joint venture are accounted for under the equity method for consolidated financial statement purposes.

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.

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

($ millions)	Canada			China			Indonesia(1)			Total
2020
Proved Properties(2)		42,033			5,213			832			48,078
Unproved Properties		—			46			9			55
		42,033			5,259			841			48,133
Accumulated DD&A, including impairments		(36,264	)		(2,475	)		(145	)		(38,884	)
Net Capitalized Costs		5,769			2,784			696			9,249
2019
Proved Properties(2)		42,313			5,115			843			48,271
Unproved Properties		599			44			9			652
		42,912			5,159			852			48,923
Accumulated DD&A, including impairments		(29,503	)		(2,174	)		(101	)		(31,778	)
Net Capitalized Costs		13,409			2,985			751			17,145

⁽¹⁾  Capital expenditures related to the Husky-CNOOC Madura Ltd. joint venture are accounted for under the equity method for consolidated financial statement purposes.

⁽²⁾ Capitalized costs related to proved properties include ARO costs. The gross ARO for the years presented were as follows:

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 and Indonesia.

	Canada												China
	Crude Oil			Bitumen			NGL			Conventional Natural Gas			Crude Oil		Bitumen		NGL			Conventional Natural Gas
Reserves	(mmbbls)			(mmbbls)			(mmbbls)			(bcf)			(mmbbls)		(mmbbls)		(mmbbls)			(bcf)
Net Proved Reserves(1)(2)(3)(4)
End of Year 2017		167			717			32			1,063			—		—		13			378
Revisions		(18	)		(360	)		(3	)		(322	)		—		—		2			41
Purchases		—			2			—			8			—		—		—			—
Sales		(1	)		—			—			(2	)		—		—		—			—
Improved Recovery		8			62			—			—			—		—		—			—
Discoveries and Extensions		5			11			6			206			—		—		6			150
Production		(22	)		(42	)		(4	)		(97	)		—		—		(3	)		(63	)
End of Year 2018		139			390			31			856			—		—		18			506
Revisions		5			434			1			(225	)		—		—		—			—
Purchases		—			—			—			1			—		—		—			—
Sales		—			—			—			—			—		—		—			—
Improved Recovery		2			94			—			2			—		—		—			—
Discoveries and Extensions		6			—			18			134			—		—		1			27
Production		(18	)		(45	)		(4	)		(103	)		—		—		(3	)		(59	)
End of Year 2019		134			873			46			665			—		—		16			474
Revisions		(86	)		(464	)		(23	)		(130	)		—		—		4			68
Purchases		—			—			—			—			—		—		—			—
Sales		—			—			—			(9	)		—		—		—			—
Improved Recovery		—			2			—			4			—		—		—			—
Discoveries and Extensions		3			—			1			80			—		—		—			—
Production		(16	)		(42	)		(4	)		(93	)		—		—		(3	)		(69	)
End of Year 2020		35			369			20			517			—		—		17			473
Net Proved Developed Reserves(1)(2)(3)(4)
End of Year 2017		110			154			28			735			—		—		13			378
End of Year 2018		74			90			27			541			—		—		12			356
End of Year 2019		72			153			30			566			—		—		10			317
End of Year 2020		34			111			17			444			—		—		17			473
Net Proved Undeveloped Reserves(1)(2)(3)(4)
End of Year 2017		57			563			4			328			—		—		—			—
End of Year 2018		65			300			4			315			—		—		6			150
End of Year 2019		62			720			16			99			—		—		6			157
End of Year 2020		1			258			3			73			—		—		—			—

	Indonesia(5)										Total(6)
	Crude Oil		Bitumen		NGL			Conventional Natural Gas			Crude Oil			Bitumen			NGL			Conventional Natural Gas			Total Company
Reserves	(mmbbls)		(mmbbls)		(mmbbls)			(bcf)			(mmbbls)			(mmbbls)			(mmbbls)			(bcf)			(mmboe)
Net Proved Reserves(1)(2)(3)(4)
End of Year 2017		—		—		5			185			167			717			50			1,626			1,205
Revisions		—		—		1			5			(18	)		(360	)		—			(276	)		(425	)
Purchases		—		—		—			—			—			2			—			8			4
Sales		—		—		—			—			(1	)		—			—			(2	)		(1	)
Improved Recovery		—		—		—			—			8			62			—			—			70
Discoveries and Extensions		—		—		—			—			5			11			12			356			87
Production		—		—		(1	)		(10	)		(22	)		(42	)		(8	)		(170	)		(100	)
End of Year 2018		—		—		5			180			139			390			54			1,542			840
Revisions		—		—		—			(1	)		5			434			1			(226	)		402
Purchases		—		—		—			—			—			—			—			1			—
Sales		—		—		—			—			—			—			—			—			—
Improved Recovery		—		—		—			—			2			94			—			2			96
Discoveries and Extensions		—		—		—			—			6			—			19			161			52
Production		—		—		(1	)		(11	)		(18	)		(45	)		(8	)		(173	)		(99	)
End of Year 2019		—		—		4			168			134			873			66			1,307			1,291
Revisions		—		—		—			(23	)		(86	)		(464	)		(19	)		(85	)		(584	)
Purchases		—		—		—			—			—			—			—			—			—
Sales		—		—		—			—			—			—			—			(9	)		(2	)
Improved Recovery		—		—		—			—			—			2			—			4			3
Discoveries and Extensions		—		—		—			—			3			—			1			80			18
Production		—		—		(1	)		(12	)		(16	)		(42	)		(8	)		(174	)		(95	)
End of Year 2020		—		—		3			133			35			369			40			1,123			631
Net Proved Developed Reserves(1)(2)(3)(4)
End of Year 2017		—		—		5			117			110			154			47			1,230			516
End of Year 2018		—		—		5			110			74			90			44			1,007			376
End of Year 2019		—		—		4			102			72			153			44			985			434
End of Year 2020		—		—		3			89			34			111			37			1,006			350
Net Proved Undeveloped Reserves(1)(2)(3)(4)
End of Year 2017		—		—		—			68			57			563			3			396			689
End of Year 2018		—		—		—			70			65			300			10			535			464
End of Year 2019		—		—		—			66			62			720			22			322			857
End of Year 2020		—		—		—			44			1			258			3			117			281

⁽¹⁾ Net reserves are the Company’s lessor 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.

⁽⁵⁾ Husky’s beneficial interest in Indonesia and the Madura Strait Block is held by way of a 40% interest in Husky - CNOOC Madura Limited (“HCML”), an entity that is party to a PSC with the Government of Indonesia. Husky has entered into a unanimous shareholder agreement dated April 8, 2008 with the other shareholders of HCML that provides for joint control of HCML. International Financial Reporting Standard 11, “Joint Arrangements” (“IFRS 11”), requires Husky to follow the equity method of accounting

for its investment in the Madura Strait Block. IFRS 11 focuses on the legal form of the corporate structure in which Husky’s Madura assets are held. Husky holds its interest in the Madura Strait Block through HCML and accordingly is required to use the equity method to account for this interest. As a consequence, Husky has disclosed Indonesia as a separate entity in the above disclosure because the Madura Strait Block is accounted for by the equity method of accounting.

⁽⁶⁾ Changes resulted primarily from net negative revisions associated with significantly lower oil prices in North America, bitumen reserves in Sunrise Energy Project (they were uneconomic in 2018 and economic in 2017 and 2019) and three existing thermal projects which became uneconomic under SEC price forecasts as of December 31, 2020 and account for a majority of the revisions in 2020. Total discoveries and extensions are associated with Western Canada conventional natural gas including new locations and cold heavy oil production mainly from new drills.

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 conventional 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 conventional 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, 2020 was based on the New York Mercantile Exchange 2020 average natural gas cash market price of U.S. $1.98/mmbtu (2019 average - U.S. $2.58/mmbtu; 2018 average - U.S. $3.10/mmbtu) and on crude oil prices computed with reference to the 2020 average WTI spot price of U.S. $39.77/bbl (2019 average - U.S. $55.73/bbl; 2018 average - U.S. $65.55/bbl). Natural gas prices for China and Indonesia reserves are based on various Gas Sales Agreements.

Standardized Measure	Canada (1)							China (1)						Indonesia (1)						Total (1)
(unaudited) ($ millions)	2020			2019		2018		2020		2019		2018		2020		2019		2018		2020			2019		2018
Future Cash Inflows		10,960			47,434		25,377		6,144		6,995		6,465		1,609		2,023		1,592		18,713			56,452		33,434
Future Production Costs		8,387			20,722		11,938		1,245		1,055		729		840		964		782		10,472			22,741		13,449
Future Development Costs		6,142			15,291		10,922		151		550		557		64		83		71		6,357			15,924		11,550
Future Income Taxes		(934	)		2,920		697		1,189		1,352		1,297		226		253		178		481			4,525		2,172
Future Net Cash Flows		(2,635	)		8,501		1,820		3,559		4,038		3,882		479		723		561		1,403			13,262		6,263
Annual 10% Discount Factor		(1,901	)		4,797		505		971		1,282		1,392		130		214		153		(800	)		6,293		2,050
Standardized Measure of Discounted Future Net Cash Flows		(734	)		3,704		1,315		2,588		2,756		2,490		349		509		408		2,203			6,969		4,213

⁽¹⁾ The schedules above are calculated using the average of first day of the month prices and year-end costs, statutory income tax rates and existing proved oil and gas reserves for 2018, 2019 and 2020. 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. Natural gas prices for China and Indonesia reserves are based on various Gas Sales Agreements.

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

	Canada (1)						China (1)						Indonesia (1)						Total (1)
($ millions)	2020		2019		2018		2020		2019		2018		2020		2019		2018		2020		2019		2018
Future discounted net cash flows at beginning of year	3,704		1,315		2,783		2,756		2,490		2,642		509		408		522		6,969		4,213		5,947
Sales and transfer, net of production costs	(608	)	(1,835	)	(1,488	)	(1,029	)	(922	)	(1,025	)	(131	)	(148	)	(146	)	(1,768	)	(2,905	)	(2,659	)
Net change in sales and transfer prices, net of production costs	(9,793	)	1,251		(1,730	)	(576	)	550		(183	)	(21	)	288		(114	)	(10,390	)	2,089		(2,027	)
Development cost incurred that reduced Future develop. costs	673		2,421		2,256		121		342		150		3		1		23		797		2,764		2,429
Changes in estimated future development costs	4,846		(2,883	)	(1,398	)	272		(286	)	(474	)	19		(5	)	(6	)	5,137		(3,174	)	(1,878	)
Extensions, discoveries and improved recovery, net of related costs	123		1,795		1,261		—		163		841		—		—		—		123		1,958		2,102
Revisions of quantity estimates	(711	)	2,617		(648	)	540		19		299		(83	)	(6	)	16		(254	)	2,630		(333	)
Accretion of discount	580		280		414		316		290		284		62		49		61		958		619		759
Sale of reserves in place	(12	)	—		(5	)	—		—		—		—		—		—		(12	)	—		(5	)
Purchase of reserves in place	—		—		30		—		—		—		—		—		—		—		—		30
Changes in timing of future net cash flows and other	(1,399	)	(526	)	(705	)	90		194		(164	)	(17	)	(32	)	14		(1,326	)	(364	)	(855	)
Net change in income taxes	1,863		(731	)	545		98		(84	)	120		8		(46	)	38		1,969		(861	)	703
Net Increase (Decrease)	(4,438	)	2,389		(1,468	)	(168	)	266		(152	)	(160	)	101		(114	)	(4,766	)	2,756		(1,734	)
End of Year	(734	)	3,704		1,315		2,588		2,756		2,490		349		509		408		2,203		6,969		4,213

⁽¹⁾ The schedules above are calculated using the average of first day of the month prices and year-end costs, statutory income tax rates and existing proved oil and gas reserves for 2018, 2019, and 2020. Natural gas prices for China and Indonesia reserves are based on various Gas Sales Agreements. 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.