Bullboard - Stock Discussion Forum MEG Energy Corp T.MEG

Alternate Symbol(s): MEGEF

Energy Oil & Gas E&P

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... see more

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MEG Energy Corp > More RBC

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Post by retiredcf on Oct 01, 2024 9:18am

More RBC

October 1, 2024

MEG Energy Corp.
Announces Initiation of 100% of Free Cash Flow to Shareholders

TSX: MEG | CAD 25.41 | Outperform | Price Target CAD 35.00

Sentiment: Positive
MEG announced today that it has achieved its US$600 million net debt target and will now be transitioning to a 100% return of

free cash flow to shareholders. This timing is consistent with the company’s previous messaging and our outlook.

Key Details

• MEG highlighted as of October 2024, the company will distribute 100% of free cash flow to shareholders through share repurchases and its annualized base dividend of $0.40 per share (1.6% yield), with the company maintaining an emphasis on share buybacks.

• Our 2024 outlook includes $500 million in share repurchases and $26 million in dividends. • For our latest on MEG, please see Lots to Like.

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