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MEG Energy Corp (MEG.TO)

MEG.TO on Toronto Stock Exchange

5.56CAD
15 Jul 2019
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Latest Key Developments (Source: Significant Developments)

MEG Energy Announces Disciplined 2019 Capital Investment Plan, Maintains Optionality To Reach 113,000 bpd In 2020
Tuesday, 22 Jan 2019 

Jan 22 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES DISCIPLINED 2019 CAPITAL INVESTMENT PLAN, MAINTAINS OPTIONALITY TO REACH 113,000 BPD IN 2020.MEG ENERGY CORP - MAINTAINS OPTIONALITY TO REACH 113,000 BPD IN 2020.MEG ENERGY CORP - A BASE CAPITAL BUDGET OF $200 MILLION FOR 2019 TO BE FULLY FUNDED WITH EXPECTED 2019 ADJUSTED FUNDS FLOW FROM OPERATIONS.MEG ENERGY CORP - EXPECTS 2019 PRODUCTION TO AVERAGE 90,000 TO 92,000 BPD.MEG ENERGY CORP - MEG IS RE-INITIATING STRATEGIC ALTERNATIVES REVIEW FOR ITS HI-Q® PARTIAL UPGRADING TECHNOLOGY.MEG ENERGY CORP -SEES 2019 NON-ENERGY OPERATING COSTS IN RANGE OF $4.75 TO $5.25 PER BARREL.MEG ENERGY CORP - ENGAGED A FINANCIAL ADVISOR TO ASSIST WITH STRATEGIC ALTERNATIVES PROCESS.MEG ENERGY CORP - 2019 NON-ENERGY OPERATING COSTS PER BARREL ARE NEGATIVELY IMPACTED BY EXPECTED 8,000 TO 10,000 BPD PRODUCTION CURTAILMENT.MEG ENERGY CORP - 2019 PRODUCTION OUTLOOK LOWERED DUE TO ALBERTA GOVERNMENT MANDATED PRODUCTION CURTAILMENTS.MEG ENERGY CORP - "IN LIGHT OF CURRENT ENVIRONMENT, WE HAVE PULLED BACK SPENDING ON PHASE 2B BROWNFIELD EXPANSION PROJECT".MEG ENERGY CORP - PLANS TO INVEST $20 MILLION FOR ADVANCEMENT OF EMVAPEX PILOT AND ANTICIPATES PROVIDING AN UPDATE ON RESULTS IN LATE 2019.MEG ENERGY - 2019 OPERATIONAL GUIDANCE ASSUMES ALBERTA GOVERNMENT MANDATED PRODUCTION CURTAILMENT REMAINS IN PLACE FOR 2019, BUT EASES OVER COURSE OF YEAR.MEG ENERGY CORP - BOARD IS EVALUATING ITS COMPOSITION AND HAS INITIATED A BOARD RENEWAL PROCESS.  Full Article

Husky Energy Announces Regulatory Approvals For MEG Energy Acquisition
Tuesday, 18 Dec 2018 

Dec 18 (Reuters) - Husky Energy Inc ::HUSKY ENERGY ANNOUNCES REGULATORY APPROVALS FOR MEG ENERGY ACQUISITION.HUSKY ENERGY INC - MET ALL REGULATORY REQUIREMENTS FOR ITS FULL AND FAIR OFFER TO ACQUIRE MEG ENERGY.  Full Article

Wolf Midstream Inc. To Acquire Remaining 50% Interest In Access Pipeline
Thursday, 8 Feb 2018 

Meg Energy Corp ::WOLF MIDSTREAM INC. TO ACQUIRE REMAINING 50% INTEREST IN ACCESS PIPELINE.‍WOLF MIDSTREAM - DEAL WILL BE FUNDED THROUGH INVESTMENT BY CANADA PENSION PLAN INVESTMENT BOARD OF UP TO $800 MILLION & THIRD-PARTY DEBT FINANCING​.  Full Article

MEG Energy Announces Sale Of Access Pipeline And Stonefell Terminal For $1.61 Bln
Thursday, 8 Feb 2018 

Feb 8 (Reuters) - MEG Energy Corp ::PRESS RELEASE - MEG ENERGY ANNOUNCES THE SALE OF ACCESS PIPELINE AND STONEFELL TERMINAL FOR $1.61 BILLION.MEG ENERGY CORP - DEAL FOR ‍CASH AND OTHER CONSIDERATION OF $1.61 BILLION​.MEG ENERGY - INTENDS TO INCREASE ITS 2018 CAPITAL BUDGET FROM $510 MILLION TO $700 MILLION TO FUND APPROXIMATELY 70% OF PHASE 2B BROWNFIELD EXPANSION IN 2018​.MEG ENERGY CORP - WILL RECEIVE $1.52 BILLION IN CASH AT CLOSE, & CREDIT OF $90 MILLION TOWARD FUTURE EXPANSIONS OF ACCESS PIPELINE.MEG ENERGY - ‍PRODUCTION IS ANTICIPATED TO BEGIN RAMPING UP IN SECOND HALF OF 2019 TO REACH FULL BROWNFIELD EXPANSION CAPACITY OF 13,000 BPD IN 2020​.MEG ENERGY CORP - ‍TRANSACTION COMPRISES SALE OF ACCESS PIPELINE FOR TOTAL CONSIDERATION OF $1.4 BILLION, AND SALE OF STONEFELL FOR $210 MILLION​.MEG ENERGY CORP - ‍MEG'S AVERAGE AND EXIT PRODUCTION GUIDANCE FOR 2018 REMAINS UNCHANGED​.MEG ENERGY CORP - ‍AS A RESULT OF DEAL, MEG EXPECTS ITS NET CASH COSTS TO INCREASE BY APPROXIMATELY $50 MILLION ON AN ANNUALIZED BASIS​.MEG ENERGY- ‍AS PART OF DEAL, CO & WOLF HAVE ENTERED INTO TRANSPORTATION SERVICES AGREEMENT FOR INITIAL TERM OF 30 YEARS​.MEG ENERGY CORP - ‍PRODUCTION ANTICIPATED TO BEGIN RAMPING UP IN H2 2019 TO REACH FULL BROWNFIELD EXPANSION CAPACITY OF 13,000 BPD IN 2020​.MEG ENERGY-‍UPON CLOSING, CASH PROCEEDS FROM DEAL TO REPAY ABOUT C$1.225 BILLION OF CO'S SENIOR SECURED TERM LOAN, OTHERS.MEG ENERGY CORP - ‍MEG'S AVERAGE AND EXIT PRODUCTION GUIDANCE FOR 2018 REMAINS UNCHANGED​.  Full Article

MEG Energy Posts Q4 Loss Per Share $‍0.00​
Thursday, 8 Feb 2018 

Feb 8 (Reuters) - MEG Energy Corp ::MEG ENERGY REPORTS STRONG FOURTH QUARTER AND FULL-YEAR 2017 RESULTS.MEG ENERGY CORP - ‍Q4 PRODUCTION VOLUMES OF 90,228 BARRELS PER DAY​.MEG ENERGY CORP - ‍IN 2018, FOCUS IS ON SUCCESSFUL COMPLETION OF PHASE 2B EMSAGP PROGRAM AND GROWTH PLANS BEYOND 100,000 BPD​.MEG ENERGY CORP QTRLY LOSS PER SHARE $‍0.00​.MEG ENERGY CORP QTRLY ‍ADJUSTED FUNDS FLOW FROM OPERATIONS $0.65 PER SHARE​.MEG ENERGY CORP - ‍SALES VOLUMES IN Q4 OF 2017 WERE ABOUT 4,300 BPD HIGHER THAN Q4 PRODUCTION VOLUMES​.  Full Article

MEG Energy Announces 2018 Capital Investment Plan
Friday, 1 Dec 2017 

Dec 1 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES 2018 CAPITAL INVESTMENT PLAN SUPPORTING PRODUCTION TO 100,000 BPD, SETS THE STAGE FOR CONTINUED GROWTH IN 2019.MEG ENERGY CORP - SEES A 2018 CAPITAL BUDGET OF $510 MILLION.MEG ENERGY - FINANCIAL RESOURCES AVAILABLE TO CO TO FUND ITS 2018 CAPITAL PROGRAM INCLUDE EXPECTED INTERNALLY GENERATED CASH FLOW AND CASH ON HAND.MEG ENERGY CORP - TARGETED 2018 AVERAGE PRODUCTION IN RANGE OF 85,000 TO 88,000 BPD, 2018 EXIT PRODUCTION IN RANGE OF 95,000 TO 100,000 BPD.MEG ENERGY CORP - SEES A 2018 CAPITAL BUDGET OF $510 MILLION.MEG ENERGY - TO INVEST REMAINING $120 MILLION OF ESTIMATED COST TO COMPLETE IMPLEMENTATION OF EMSAGP GROWTH INITIATIVE AT CHRISTINA LAKE PHASE 2B IN 2018.MEG ENERGY CORP - 2018 CAPITAL PROGRAM SETS STAGE FOR PRODUCTION GROWTH OF APPROXIMATELY 8 TO 10% IN 2019.MEG ENERGY CORP - RELATED NON-ENERGY OPERATING COSTS FOR 2018 ARE ANTICIPATED TO BE IN RANGE OF $4.75 TO $5.25 PER BARREL.MEG ENERGY CORP - 2018 OPERATIONAL GUIDANCE TAKES INTO ACCOUNT A 35-DAY TURNAROUND AT CHRISTINA LAKE PHASE 2B PRODUCTION FACILITY PLANNED FOR Q2 2018.  Full Article

Meg Energy Corp Q3 operating ‍loss per share $0.14​
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Meg Energy Corp :Meg Energy reports strong operating and financial results and ongoing efficiency gains for the third quarter of 2017, contributing to an $80 million reduction in its 2017 capital investment and a further decrease in non-energy operating cost guidance.Meg Energy Corp qtrly operating ‍loss per share $0.14​.Meg Energy Corp qtrly earnings per share $‍0.28​.Meg Energy Corp - ‍Q3 2017 production averaged 83,008 bpd, compared to 72,448 bpd for previous quarter​.Meg Energy Corp - ‍remains on track to meet 2017 average production guidance of 80,000-82,000 bpd & exit year with production of 86,000-89,000 bpd​.Meg Energy Corp - ‍company has reduced its 2017 capital investment program to $510 million​.Meg Energy Corp - ‍now anticipate spending $350 million on implementation of EMSAGP on phase 2b​.  Full Article

MEG Energy reports qtrly earnings per share $0.35‍​
Thursday, 27 Jul 2017 

July 27 (Reuters) - MEG Energy Corp ::MEG Energy reports solid second quarter 2017 results supported by record low per barrel non-energy operating costs, while successfully completing major turnaround activities.MEG Energy Corp- ‍quarterly production volumes of 72,448 barrels per day​.MEG Energy Corp- ‍company remains on track to meet its 2017 average production guidance of 80,000 to 82,000 bpd​.MEG Energy Corp- ‍for Q2 of 2017, net operating costs were $7.42 per barrel, compared to $8.43 per barrel in previous quarter​.Qtrly earnings per share $0.35‍​.MEG Energy Corp- ‍MEG's 2017 capital budget guidance remains at $590 million​.  Full Article

UPDATE 1-MEG Energy posts bigger-than-expected quarterly loss

March 7 Canadian oil sands producer MEG Energy Corp reported a bigger-than-expected quarterly loss on Thursday, as the company sold its bitumen crude at lower prices because of transportation bottlenecks.