MEG Energy Lowers 2019 Capital Budget Amid Production Cuts; Stock Remains in 3-Star Territory
Alberta’s mandatory production cuts are taking its toll on no-moat MEG Energy’s planned growth. The company announced its 2019 capital budget, which was highlighted by a major decline in capital spending--CAD 200 million for the full year, down substantially from our 2018 full-year estimate of CAD 665 million. Lower capital spending is driven by lower near-term growth. With production cuts and pipeline bottlenecks, MEG took a step back from reaching its production target of 113 thousand barrels ...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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