MEG Energy: A Record Quarter and a Major Asset Sale
No-moat MEG Energy reported record fourth-quarter production volumes of 90,230 barrels of oil per day, which was slightly ahead of our expectations, driven by a faster-than-expected ramp-up of eMSAGP at Christina Lake. Exit production averaged 93,700 bbl/d in December, which greatly exceeds management’s guidance of 86,000 and 89,000 bbl/d. MEG also reported record nonenergy operating costs of CAD 4.53 per barrel, which was driven by efficiency gains and spreading fixed costs over additional prod...
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