Strong Quarter for 3-Star MEG Energy; Outlook Remains Unchanged
No-moat MEG Energy rebounded nicely from the fourth quarter. The company reported first-quarter funds flow from operations of CAD 151 million, which was above our expectations. The outperformance was driven by higher-than-expected bitumen realizations of CAD 50 per barrel, up from CAD 14/bbl in the fourth quarter. The increased realizations were driven by better market access to the U.S. Gulf Coast and a higher demand for heavy crude in that region. However, the increased realizations were parti...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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