FCF BEAT/BOP BEAT: Free cash flow ("FCF") of $409 million Third quarter 2023 highlights include:
Funds flow from operating activities ("FFO") and adjusted funds flow ("AFF") of $492 million, or $1.71 per share. Year-to-date FFO and AFF totaled $1,118 million and $1,044 million, or $3.85 and $3.60 per share, respectively;
Bitumen production of 103,726 barrels per day ("bbls/d") at a 2.28 steam-oil ratio ("SOR") reflecting the Corporation's continued focus on short-cycle redevelopment programs, enhanced completion designs and optimized well spacing. Year-to-date bitumen production averaged 98,835 bbls/d;
Bitumen realization after net transportation and storage expense of $84.75 per barrel reflecting the Corporation's strategic market access together with supportive supply/demand fundamentals for its Access Western Blend ("AWB") product. Bitumen realization after net transportation and storage expense in the first nine months of 2023 was $62.04 per barrel;
Free cash flow ("FCF") of $409 million after $83 million of capital expenditures. Year-to-date FCF totaled $699 million after $345 million of capital expenditures;
Debt repayment of US$68 million (approximately $92 million) during the third quarter of 2023 and US$194 million (approximately $263 million) year-to-date. Net debt declined to US$885 million (approximately $1.2 billion) at the end of the third quarter of 2023;
MEG returned $58 million to shareholders during the third quarter of 2023 through the buyback and cancellation of 2.3 million shares at a weighted average price of $25.40 per share. Year-to-date buybacks totaled 10.3 million shares, returning $227 million to shareholders;