MEG Continues to Cust Costs and Capital Spending
MEG Energy reported near-record third-quarter production volumes of 83,400 barrels of oil equivalent per day compared with 82,800 in the year-ago period. Third-quarter production volumes were slightly ahead of our expectations of 82,500 boe/d, and the company remains on track to reach its full-year guidance of 80,000-83,000 boe/d. At a record low for MEG, nonenergy operating costs for the quarter were CAD 5.30 per barrel compared with CAD 6 per barrel in the year-ago period. Operating cost decli...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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