It operated in Western and Atlantic Canada, the United States and the Asia Pacific region, with upstream and downstream business segments.

In 1946, the Company relocated to Canada, with the Riverton refinery moved to Lloydminster, Alberta to take advantage of the expanding asphalt and heavy oil opportunities in the area.

In 1978–1979, amid a bidding war between Petro-Canada and Occidental Petroleum, controlling ownership of Husky was acquired by Alberta Gas Trunk Lines (which in 1980 became NOVA Corporation).

[7][8]: 198 [9] In 1986, Hong Kong-based Li Ka-shing acquired 43% of Husky, and in 1991 he purchased NOVA's remaining interests, expanding his stake to 95%.

[10] In 1998, Husky purchased Mohawk Oil, the largest independent chain of consumer filling stations in Western Canada.

[13][14] In November 2017, Husky acquired the a refinery in Superior, Wisconsin from Calumet Specialty Products Partners LP for $492 million.

[17] In 2020, Cenovus Energy offered to acquire Husky for $3.8 billion[clarification needed]; Li would own 27.2% of the merged company.

[5] On April 26, 2018, Husky's Superior, Wisconsin refinery experienced a series of explosions and fires, resulting in 11 injuries, one of which was critical.

Husky also has a portfolio of oil sands leases, encompassing some 2,500 square kilometres in the Fort McMurray region of northern Alberta.

[2] In the Atlantic region, off Canada's East Coast, the company holds interests in 20 exploration licenses and producing properties at Terra Nova and White Rose.

[2] Husky is the operator of the White Rose field and a partner in the Terra Nova project in the Jeanne d'Arc Basin offshore Newfoundland.

In the Asia Pacific Region, Husky's Liwan Gas Project in the South China Sea began production in 2014.

[2] Husky has a portfolio of oil sands leases, encompassing 2,500 square kilometres in the Fort McMurray region of northern Alberta.

Husky has managed the terminal operations for Western Canada Select (WCS)—one of North America's largest heavy crude oil streams— since it came on stream in 2004.

Like other Midwest refiners, Husky was revamping its Lima, Ohio refinery to process Western Canadian Select, (WCS) a heavier but less expensive crude oil.