CC: First Impression: NEW CEO DG: A BIT SHAKY BUT OK - co-officers HELPED FILTER the analyst's QUESTIONS
- CFO RK is ROCK-SOLID and UNSHAKEABLE
- CEO DG really KNOWS her stuff on BOP PRODUCTION and TIMING
'EXPECTED' Q2/2024 BOP: ~100,000 bbls/d
'EXPECTED' H2/2024 BOP: 105,000+ bbls/d
'EXPECTED' 2024 EXIT BOP: >110,000 bbls/d *
* : HIGHEST BOP in company's history
- BODs is LOOKING AT BASE DIVIDENDS
- MEG will CHEW PART of 2029 Notes once the 2027 Notes are REPURCHASED and CANCELLED
- CFO: MEG will NOT DO VARIABLE DIVIDENDS as the market does NOT VALUE their EXECUTION and the LARGE MEG shareholders are NOT INTERESTED in RECEIVING them
* instead, MEG will UNDERTAKE an SIB when the FREE CASH FLOW is AVAILABLE and the NCIB is EXHAUSTED once the 100% RETURNS FRAMEWORK to shareholders is REACHED
- FALL 2024: BODs will MAKE CAPEX DECISION on THIRD PROCESSING TRAIN at Chistina Lake
CFO: MEG TAX POOLS stand at $ 4 BILLION and MEG is 'EXPECTED' to PAY CASH TAXES in MID 2027 assuming present STRIP PRICING
SPECULATION:
- it is HIGHLY LIKELY that MEG has TEAMED UP with SHELL as their GLOBAL OPERATING PARTNER in EXPORTING the 20,000 bbls/d AWB barrels VIA the TMX pipeline
* so those reports by Reuters about the 2 million barrel VLCC {4* 500,000 AFRAMAX tanker LOADS transferred at sea} heading to a RELIANCE Refinery in India MEANS that it 'APPEARS' that BOTH MEG and CNQ (Jackfish1/2/3} are in a TMX MARKETING AGREEMENT with SHELL
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