Post by
ztransforms173 on Jul 29, 2024 11:42am
The UGLY DUCKLING Became the FAIREST OF BEAUTIES
- NO DOUBT, MEG Energy UNDERWENT a VERY STRESSFUL TRANSFORMATION when the oil price CRISIS HIT in June 2014
- CAUGHT OFF GUARD and OFF BALANCE with a RAPID GROWTH PLAN FUELED by HEAVY JUNK BOND DEBT
- fortunately, MEG had TWO CEOs in SUCCESSION that were HIGHLY-SKILLED and RUTHLESS COST CUTTERS
- one of MEG's SAVING GRACE was the ABILITY TO MONETIZE their midstream aseets and SUBSTANTIALLY REDUCE their HIGH-YIELD NOTES by SELLING theIr 50% interest in the
410,000 bbls/d Access Pipeline and their 100% interest in the Stonefell Terminal storage facility {negotiated by the tough and highly-respected ex-CFO}
- 6+ years later. MEG Energy HAS TURNED the TIDE by DRASTICALLY FOCUSING on PAYING OFF MOST of the
long-term debt and has REEMERGED as FORTRESS MEG
z173
Comment by
vwbusman on Jul 29, 2024 1:15pm
Agree - too bad it does not look like many others want to get aboard the MEG train right now..... :(