MEG Energy Continues to Lower Costs
No-moat MEG Energy reported third-quarter production volumes of 83,000 barrels of oil per day, which was in line with our expectations. Production is currently averaging 85,000 bbl/d in October, and the company remains on track to meet its annual production of guidance of 80,000-82,000 bbl/d. The company expects to exit the year with production levels between 86,000 and 89,000 bbl/d. Both of these targets are consistent with our forecasts.MEG reported nonenergy operating costs of CAD 4.57 per b...
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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