Lowering MEG Energy's Fair Value Estimate to CAD 4.50; Stock Looks Overvalued
MEG Energy reported second-quarter production volumes of 72.5 thousand barrels of oil equivalent per day, compared with 77.2 mboe/d in the year-ago period. Production volumes were below our expectations of 79.7 mboe/d. The decline in production was driven by planned maintenance activities. Despite the maintenance, management reaffirmed its annual production guidance of 80-82 mboe/d, which is in line with our forecasts. MEG also recorded record-low non-energy operating costs of CAD 4.25 per barre...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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