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MEG Energy Corp (MEG.TO)

MEG.TO on Toronto Stock Exchange

3.54CAD
31 Jul 2020
Change (% chg)

$-0.12 (-3.28%)
Prev Close
$3.66
Open
$3.66
Day's High
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$3.50
Volume
3,114,979
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5,015,035
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$8.07
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$1.13

Latest Key Developments (Source: Significant Developments)

MEG Energy Reports Qtrly Adj. Funds Flow Per Share C$0.29
Tuesday, 28 Jul 2020 

July 27 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES SECOND QUARTER 2020 FREE CASH FLOW OF $69 MILLION, EXITING THE QUARTER WITH CREDIT FACILITY UNDRAWN AND $120 MILLION OF CASH ON HAND.BITUMEN PRODUCTION AVERAGED 75,687 BBLS/D IN Q2 OF 2020, COMPARED TO 91,557 BBLS/D IN Q1.BITUMEN PRODUCTION AVERAGED 75,687 BBLS/D IN Q2 OF 2020, COMPARED TO 91,557 BBLS/D IN Q1 OF 2020.QTRLY LOSS PER SHARE 26 CENTS.QTRLY ADJUSTED. FUNDS FLOW PER SHARE C$0.29.QTRLY REVENUE $307 MILLION VERSUS $1,062 MILLION.REALIZED AN AVERAGE AWB BLEND SALES PRICE OF US$15.12 PER BARREL IN QUARTER.RE-INSTATING FY PRODUCTION GUIDANCE WHICH IS NOW TARGETED AT 78,000 - 80,000 BBLS/D.EARLIEST LONG-TERM DEBT MATURITY IS APPROXIMATELY FOUR YEARS OUT.MODIFIED COVENANT-LITE $800 MILLION REVOLVING CREDIT FACILITY HAS NO FINANCIAL MAINTENANCE COVENANT UNLESS DRAWN IN EXCESS OF $400 MILLION.MEG ENERGY - FOR H2 2020, TO DATE ENTERED BENCHMARK WTI FIXED PRICE HEDGES FOR ABOUT 70% OF FORECAST BITUMEN PRODUCTION AT ABOUT US$46 PER BARREL.Q2 EARNINGS PER SHARE VIEW C$-0.10, REVENUE VIEW C$435.0 MILLION -- REFINITIV IBES DATA.  Full Article

Meg Energy Suspends Full Year 2020 Production Guidance
Tuesday, 5 May 2020 

May 4 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES FIRST QUARTER 2020 FREE CASH FLOW OF $24 MILLION, CURRENT FULL YEAR 2020 HEDGE BOOK VALUE OF $525 MILLION AND A FURTHER 25% REDUCTION IN FULL YEAR CAPITAL INVESTMENT TO $150 MILLION.MEG ENERGY CORP - REDUCING PRODUCTION TO MINIMUM LEVELS AND ADVANCING PLANNED PLANT TURNAROUND.MEG ENERGY CORP - REMAINS WELL POSITIONED FROM A FINANCIAL LIQUIDITY PERSPECTIVE.MEG ENERGY CORP - EFFECTIVE JUNE 1, 2020, BOARD MEMBERS WILL RECEIVE A 25% CASH COMPENSATION REDUCTION.MEG ENERGY CORP - CURRENTLY EXPECTS FIRST HALF 2020 PRODUCTION TO AVERAGE APPROXIMATELY 76,000 BBLS/D.MEG ENERGY CORP - REDUCING ITS 2020 FULL YEAR CAPITAL BUDGET TO $150 MILLION.MEG ENERGY CORP - PRESIDENT AND CEO WILL HAVE HIS ANNUAL BASE SALARY REDUCED BY 25%.MEG ENERGY CORP - SUSPENDING FULL YEAR 2020 PRODUCTION GUIDANCE.MEG ENERGY CORP - EXPECTS TO PRODUCE APPROXIMATELY 30,000 BBLS/D DURING PHASE 1 & 2 TURNAROUND.MEG ENERGY CORP - EXITED Q1 WITH $62 MILLION OF CASH ON HAND & DOES NOT EXPECT THIS LEVEL OF CASH ON HAND TO MATERIALLY CHANGE IN Q2 OF 2020.MEG ENERGY CORP - TO REDUCE ITS 2020 FULL YEAR NON-ENERGY OPERATING COSTS AND G&A EXPENSE.MEG ENERGY - VICE PRESIDENTS WILL RECEIVE A 12% ANNUAL BASE SALARY ROLLBACK AND ALL OTHER EMPLOYEES WILL RECEIVE A 7.5% ANNUAL BASE SALARY ROLLBACK.MEG ENERGY CORP - EXITED Q1 WITH $62 MILLION OF CASH ON HAND AFTER MAKING A DEBT REPAYMENT OF $132 MILLION IN QUARTER.  Full Article

MEG Energy Announces Revised $200 Million Internally Funded 2020 Capital Program
Wednesday, 11 Mar 2020 

March 10 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES REVISED $200 MILLION INTERNALLY FUNDED 2020 CAPITAL PROGRAM.MEG ENERGY CORP - 20% REDUCTION IN ITS 2020 CAPITAL PROGRAM TO $200 MILLION FROM ORIGINAL $250 MILLION BUDGET ANNOUNCED NOVEMBER 2019.MEG ENERGY CORP - REDUCING ITS 2020 FULL YEAR CAPITAL BUDGET BY 20% FROM $250 MILLION TO $200 MILLION.MEG ENERGY - MEG'S $800 MILLION REVOLVING CREDIT FACILITY REMAINS UNDRAWN AND HAS NO FINANCIAL MAINTENANCE COVENANTS UNLESS DRAWN IN EXCESS OF $400 MILLION.MEG ENERGY CORP - REVISING ITS FULL YEAR 2020 PRODUCTION GUIDANCE RANGE TO 93,000 - 95,000 BBLS/D.MEG ENERGY CORP - AT CURRENT STRIP PRICING, MEG EXPECTS TO FULLY FUND ITS REVISED 2020 CAPITAL PROGRAM WITH INTERNALLY GENERATED ADJUSTED FUNDS FLOW.  Full Article

MEG Energy Corp Reports Quarterly Earnings Per Share Of $0.09
Thursday, 5 Mar 2020 

March 4 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES FULL YEAR 2019 FREE CASH FLOW OF $528 MILLION, DEBT REPAYMENT OF $501 MILLION AND 18% YEAR OVER YEAR REDUCTION IN G&A EXPENSE.MEG ENERGY - ENTERED INTO BENCHMARK WTI FIXED PRICE SWAPS FOR ABOUT 70% OF FORECAST H1 2020 PRODUCTION VOLUMES AT AVERAGE PRICE OF US$59.15 PER BARREL.CORPORATION'S 2020 ANNUAL AVERAGE BITUMEN PRODUCTION VOLUMES ARE TARGETED TO BE IN RANGE OF 94,000 - 97,000 BBLS/D.QTRLY EARNINGS PER SHARE $0.09.QTRLY REVENUE $992 MILLION VERSUS $520 MILLION.Q4 EARNINGS PER SHARE VIEW C$0.09, REVENUE VIEW C$817.9 MILLION -- REFINITIV IBES DATA.QTRLY BITUMEN PRODUCTION 94,566 BBLS/D VERSUS 87,582 BBLS/D.  Full Article

MEG Energy Announces Closing Of Its Offering Of Senior Notes
Saturday, 1 Feb 2020 

Jan 31 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES CLOSING OF ITS OFFERING OF SENIOR NOTES.  Full Article

MEG Energy Announces 2020 Capital Investment Plan Of $250 Mln
Friday, 22 Nov 2019 

Nov 21 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES 2020 CAPITAL INVESTMENT PLAN OF $250 MILLION, REMAINS FOCUSED ON ONGOING DEBT REDUCTION STRATEGY.MEG ENERGY CORP - 2020 PRODUCTION GUIDANCE OF 94,000 TO 97,000 BPD.MEG ENERGY CORP SEES 2019 PRODUCTION OF 92,000 TO 93,000 BPD.MEG ENERGY CORP - MANAGEMENT REMAINS COMMITTED TO APPLYING ALL FREE CASH FLOW ABOVE ITS 2020 CAPITAL INVESTMENT PLAN TO FURTHER DEBT REDUCTION.MEG ENERGY CORP - SEES 2020 NON-ENERGY OPERATING COST GUIDANCE OF $4.50 TO $4.90 PER BARREL.  Full Article

Meg Energy Says Q3 Earnings Per Share $0.08
Thursday, 31 Oct 2019 

Oct 30 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES Q3 FREE CASH FLOW OF $152 MILLION, RECORD LOW NET OPERATING COSTS AND $481 MILLION YEAR-TO-DATE DEBT REPAYMENT.QTRLY BITUMEN PRODUCTION VOLUMES OF 93,278 BARRELS PER DAY.BITUMEN SALES EXCEEDED BITUMEN PRODUCTION BY 1,714 BBLS/D DURING Q3 OF 2019.MEG IS REVISING ITS 2019 FULL YEAR NON-ENERGY OPERATING COST GUIDANCE FROM $4.75 - $5.25 PER BARREL TO $4.75 - $5.00 PER BARREL.QTRLY EARNINGS PER SHARE $0.08.REVISING 2019 FULL YEAR PRODUCTION GUIDANCE FROM 90,000 - 92,000 BBLS/D TO 92,000 - 93,000 BBLS/D.QTRLY REVENUE $958 MILLION VERSUS $803 MILLION.Q3 EARNINGS PER SHARE VIEW C$0.12, REVENUE VIEW C$775.0 MILLION -- REFINITIV IBES DATA.MEG HAS SHIFTED INTO 2019 ABOUT $30 MILLION OF EXPECTED 2020 CAPITAL EXPENDITURES.  Full Article

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

CANADA STOCKS-TSX falls with MEG Energy leading declines, coronavirus fears linger

March 2 Canada's main stock index fell on Monday on concerns over the economic impact of the coronavirus, with losses led by oil and gas producer MEG Energy, which sought to shelve an oil sands project.