MEG Energy Corp MEGEF

Primary Symbol: T.MEG

Energy Oil & Gas E&P

MEG Energy Corp. is a Canada-based energy company focused on sustainable in-situ thermal oil production in the southern Athabasca region of Alberta, Canada. The Company is engaged in the development of enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil, as well as lower carbon emissions. It transports and sells thermal oil (AWB) to customers throughout North America and internationally. The Company owns a 100% interest in over 410 square miles of mineral leases in the southern Athabasca oil region of Alberta, Canada and is primarily engaged in sustainable in situ thermal oil production at its Christina Lake Project. Christina Lake Project is a multi-phased project, located 150 kilometers south of Fort McMurray in northeast Alberta. It comprised of approximately 200 square kilometers of leases.

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MEG Energy Corp > Disappointing

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Post by jleer42on May 01, 2023 6:51pm

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Post# 35423903

Disappointing

They are talking about debt reduction, but are focusing on year-over-year. Net debt reduction for the quarter is $6 million USD or $8 million CAD.

Shares outstanding decreased by 2.5 million. 4.9 million shares were repurchased, but 2.5 million were issued for stock options and vesting RSU and PSU’s

Production was down about 4% compared to Q4

I wasn’t expecting gangbusters, but this is very disappointing. I need to dig into capital projects and turnarounds to see what I might be missing, but at first glance blah…

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