Low Costs and Record Production Highlight MEG Energy’s 1Q Earnings
No-moat MEG Energy reported record first-quarter production volumes of 93.2 thousand 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. Despite the uptick in production, MEG reaffirmed its 2018 average production in the range of 85-88 mbbl/d. The company expects a planned maintenance turnaround during the second quarter, which will negatively affect production from first-quarter levels. However, MEG anticipa...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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