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

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Post by ztransforms173on Jul 27, 2023 5:36pm

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Post# 35560543

50/50 Returns Framework Is RIGHT ON TARGET For Q1 & Q2

Debt Repurchases and Share Buybacks

The $129 million of second quarter 2023 FCF was primarily used for debt repurchases and share buybacks. The Corporation repurchased US$40 million (approximately $54 million) of outstanding 7.125% senior unsecured notes at a weighted average price of 102.3%. Share buybacks totaled $66 million through the repurchase and cancellation of 3.1 million shares at a weighted average price of $21.51 per share. Year-to-date the Corporation repurchased US$126 million (approximately $171 million) of outstanding 7.125% senior unsecured notes at a weighted average price of 102.2% and share buybacks totaled $169 million through the repurchase and cancellation of 8.0 million shares at a weighted average price of $21.12 per share.

z173