Cost-Cutting and Balance Sheet Restructuring Highlight MEG’s Fourth-Quarter Results
MEG Energy reported fourth-quarter production volumes of 81,800 barrels of oil equivalent per day, compared with 83,500 boe/d in the year-ago period. Fourth-quarter production volumes were slightly ahead of our expectations of 83,300 boe/d, as we expected better efficiency gains from the implementation of the company’s eMSAGP technology. Additionally, the company issued full-year 2017 production guidance in the range of 80,000-82,000 boe/d, with expected 2017 exit production in the range of 86,...MEG Energy is engaged in a steam assisted gravity drainage oil sands development at its 80 section Christina Lake Regional Project. As of Dec 31 2010, Co. had total proved bitumen reserves of 605.9 gross thousand barrels (470.5 net thousand barrels).
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