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MEG Energy Corp T.MEG

Alternate Symbol(s):  MEGEF

MEG Energy Corp. is a Canada-based energy company focused on in-situ thermal oil production in the southern Athabasca oil 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 economic recovery of oil. 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

Post by Fuzman5902on Nov 08, 2021 5:20pm
290 Views
Post# 34102162

Wasn't Even close

Wasn't Even closeWell I was wrong....

I should be wrong more ofton.....

https://mma.prnewswire.com/media/1682493/MEG_Energy_Q3_2021_Press_Release.pdf?p=original

Third quarter financial and operating highlights include: • Adjusted funds flow of $239 million ($0.77 per share), impacted by a realized commodity price risk management loss in the quarter of $66 million ($0.21 per share); • Quarterly production volumes of 91,506 barrels per day (bbls/d) at a steam-oil ratio (SOR) of 2.56.
Based on strong operational performance, annual average production guidance has been upwardly revised from 91,000 – 93,000 bbls/d to 92,500 – 93,500 bbls/d; • Net operating costs of $7.17 per barrel, including non-energy operating costs of $4.46 per barrel. Power revenue offset energy operating costs by 43%, resulting in a net impact of $2.71 per barrel. Year to date, power revenue has offset approximately 60% of MEG’s energy operating costs;
• Total capital investment of $84 million in the quarter with the majority directed towards sustaining and maintenance activities, resulting in $155 million of free cash flow in the quarter; and • During the quarter MEG redeemed US$100 million (approximately $125 million) of MEG's 6.5% senior secured second lien notes due January 2025.
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