MEG Is Unable to Add Production Until New Pipes Are Built
No-moat MEG Energy reported fourth-quarter bitumen realizations of CAD 13.90 per barrel, down 70% from the third quarter and below our expectations. We expected rail shipments to have a more positive impact on the company’s bitumen pricing since heavy oil has been selling at higher prices in the U.S. Gulf Coast. However, only half of the company’s 14.7 mbbl/d rail shipments went to the Gulf Coast. The company expects rail shipments to increase to 20 mbbl/d during the first quarter and to 30 mbbl...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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