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MEG Energy Corp T.MEG

Alternate Symbol(s):  MEGEF

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.


TSX:MEG - Post by User

Bullboard Posts
Post by shambano1on Dec 02, 2016 11:11am
87 Views
Post# 25546325

stockhouse report

stockhouse report

 

Energy Summary for Dec. 1, 2016

 

2016-12-01 20:42 ET - Market Summary

 

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

Global oil prices continued to climb in the wake of yesterday's OPEC agreement to cut production (and in defiance of serious doubts as to how effective the cut will actually be). West Texas Intermediate crude for January delivery added $1.47 to $50.91 on the New York Merc, while Brent for February added $1.85 to $53.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.60 to WTI ($35.31), up from a discount of $15.70. Natural gas for January shot up 20 cents to $3.54. The TSX energy index added 1.69 points to close at 221.87.

Oil sands producer MEG Energy Corp. (MEG) reached an intraday of $8.275, its highest level all year, before settling at $7.55, up 76 cents, on 13.9 million shares. This is on top of the 89 cents it added yesterday after OPEC decided to cut production and after the Canadian government decided to approve the Trans Mountain and Line 3 pipeline projects. Both decisions were taken as particularly good news for MEG. As analysts frequently point out, the bitumen producer is highly sensitive to changes in the price of oil. Just yesterday, shortly before OPEC's announcement, analysts at TD Securities cited MEG's responsiveness to commodity prices as a reason that it would benefit if OPEC decided to reduce production by 1.3 million to 1.5 million barrels a day. (The actual proposed cut turned out to be 1.2 million barrels a day.) This TD report came on the heels of a Macquarie report last week, which also highlighted MEG's sensitivity to oil prices and its potential to benefit if OPEC decided to cut production. Now OPEC has made that decision, and on top of that the Canadian government has given the go-ahead to two pipeline projects, both of which are expected to benefit producers in the oil sands. All in all, it has been a giddy couple of days for MEG, now flirting with $8 for the first time all year.

Bullboard Posts