These non-GAAP financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. MEG Energy is a Canadian energy company focused on sustainable in situ thermal oil production. Weighted average fixed WTI price (US$/bbl), Enhanced WTI Fixed Price Hedges with Sold Put Options(1), Weighted average fixed WTI price (US$/bbl) /, Weighted average fixed WTI:WCS differential (US$/bbl), Weighted average % of WTI landed in Edmonton (%)(4), Weighted average fixed AECO price (C$/GJ). In particular, and without limiting the foregoing, this press release contains forward looking statements with respect to: the Corporation's actions taken to respond to safety and financial challenges associated with the COVID-19 pandemic; the Corporation's commitment to ensuring the health and safety of its personnel and safe and reliable operations of the Christina Lake facility; the Corporation's expectation of production coming back stronger than anticipated post-turnaround; the Corporation's ability to build free cash flow through the balance of the year; the Corporation's actions taken to protect its financial liquidity, including the Corporation's hedge book, the term and structure of its outstanding indebtedness and credit facility, and the low decline, low cost structure and high quality Christina Lake asset; the Corporation's ongoing financial liquidity; the Corporation's expectations regarding transportation costs for the remainder of 2020 and for 2021; the impact of the major turnaround at the Christina Lake facility, including the impact on 2021 turnaround requirements; all statements relating to the Corporation's revised guidance, including full year 2020 production, non-energy operating costs, general and administrative expenses and capital expenditures; the Corporation's expectations regarding its 2021 capital budget and its ability to fund the remainder of its 2020 capital budget and its 2021 capital budget from internally generated funds; and all statements relating to the Corporation's 2020 and 2021 hedge book. Quarterly production volumes of 71,516 barrels per day (bbls/d) at a steam-oil ratio (SOR) of 2.36, while completing major planned turnaround activities. The table below reflects MEG's current Q4 2020 and full year 2021 financial and physical hedge positions. Free cash flow is presented to assist management and investors in analyzing performance by the Corporation as a measure of financial liquidity and the capacity of the business to repay debt. None of the Corporation's outstanding long-term debt contain financial maintenance covenants. Investor RelationsT 587.293.6045E [email protected], Media RelationsT 587.233.8396E [email protected], © Canada Newswire, source Canada Newswire English, Enhanced WTI Fixed Price Hedges with Sold Put Options, TSX drops as COVID-19 cases rise; oil weighs, President, Chief Executive Officer & Director. CALGARY, AB, Oct. 26, 2020 /CNW/ - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its third quarter of 2020 operational and financial results. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. If in 2021 WTI averages US$38.71 per barrel (the sold put option) or better, MEG will receive US$46.25 per barrel (the fixed price swap) on each barrel hedged. MEG Energy Corp. engages in the production of in situ thermal oil. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Forward-looking information contained in this press release is based on management's expectations and assumptions regarding, among other things: future crude oil, bitumen blend, natural gas, electricity, condensate and other diluent prices, differentials, level of apportionment on the Enbridge mainline, the level of contango in benchmark crude oil prices, foreign exchange rates and interest rates; the recoverability of MEG's reserves and contingent resources; MEG's ability to produce and market production of bitumen blend successfully to customers; extent and timelines of the Alberta Government's mandatory production curtailment program, future growth, results of operations and production levels; future capital and other expenditures; revenues, expenses and cash flow; operating costs; reliability; continued liquidity and runway to sustain operations through a prolonged market downturn; ability to reduce oil sands production, including without negative impacts to its assets; forecast production volumes are subject to potential further ramp down of production based on business and market conditions; anticipated reductions in operating costs as a result of optimization and scalability of certain operations; anticipated sources of funding for operations and capital investments; plans for and results of drilling activity; the regulatory framework governing royalties, land use, taxes and environmental matters, including the timing and level of government production curtailment and federal and provincial climate change policies, in which MEG conducts and will conduct its business; the impact of MEG's response to the COVID-19 global pandemic; and business prospects and opportunities. The increase in average bitumen realization quarter over quarter was driven by the higher WTI price and lower diluent cost. MEG has included the FOFI in order to provide readers with a more complete perspective on MEG's future operations and such information may not be appropriate for other purposes. For advanced charting, view our full-featured. Bitumen production averaged 71,516 bbls/d in the third quarter of 2020, compared to 75,687 bbls/d in the second quarter of 2020. Company profile for MEG Energy Corp. including key executives, insider trading, ownership, revenue and average growth rates. Of the $36 million, $21 million was directed towards sustaining and maintenance activities with the remaining $15 million related to the 75-day planned turnaround at the Christina Lake Phase 1 and 2 facilities which was completed mid-August. 3rd Avenue SW Suite 600 21st Floor Calgary Alberta T2P 0G5 Canada. Fundamental company data and analyst estimates provided by FactSet. Cash operating netback is a non-GAAP measure and does not have a standardized meaning prescribed by IFRS and therefore  may not be comparable to similar measures used by other companies. There is no data for the selected date range. MEG realized an average AWB blend sales price of US$34.13 per barrel during the third quarter of 2020 compared to US$15.12 per barrel in the second quarter of 2020. Of the $50 million aggregate reduction in expected costs, approximately $22 million are a result of temporary cost reductions while the remaining $28 million in cost reductions are a result of a continued optimization of operations, reduction in staffing levels and rationalization of ongoing administrative costs. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. G&A expense is now targeted to be in the range of $45 – $47.5 million, or approximately $17.5 million lower than original guidance. Previously RevisedGuidance  (July 27, 2020), Previously RevisedGuidance (March 10, 2020). These terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. MEG disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law. Revenues are used for all operating expenses as well as other line items which eventually lead to the net income for the company. Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Revenues measure the total amount of value that a company brings in during a certain period. For the fourth quarter of 2020, MEG has entered into benchmark WTI fixed price hedges for approximately 80% of forecast bitumen production at an average price of US$45.76 per barrel. Offsetting the increase in bitumen realization during the third quarter of 2020, compared to the second quarter of 2020, was a decrease in the realized commodity risk management gain of $31.91 per barrel, quarter over quarter, and an increase in transportation and storage costs of $6.78 per barrel, quarter over quarter. MEG invested $36 million in the third quarter of 2020 compared to $20 million in the second quarter of 2020. Its projects include Cristina Lake and Surmont.,The company was founded by William J. McCaffrey, Steve Turner, and David J. Wizinsky on March 9, 1999 and is headquartered in Calgary, Canada. MEG is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. Q4 2020 and Full Year 2021 Commodity Hedges. MEG transports and sells its thermal oil production to refiners throughout North America and internationally. During the nine months ended September 30, 2020, the Corporation was able to benefit from non-recurring cost reductions of approximately $5 million including the CEWS program. This is also considered the "top-line" of the income statement. CALGARY, AB, Oct. 26, 2020 /CNW/ - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its third quarter of 2020 operational and financial results. Net cash provided by (used in) operating activities, Net change in non-cash operating working capital items. These statements relate to future events or MEG's future performance. The 2020 turnaround was extended in duration to 75 days and expanded in scope, relative to base budget, in order to minimize staff levels at site during COVID-19 and maximize utilization of MEG's internal resources thereby lowering overall cash costs. Copies of the AIF and MEG's other public disclosure documents are available through the Company's website at www.megenergy.com/investors and through the SEDAR website at www.sedar.com. All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted. MEG Energy Announces Third Quarter of 2020 Results and Conference Call October 19, 2020 MEG Energy announces second quarter 2020 free cash flow of $69 million, exiting the quarter with credit facility undrawn and $120 million of cash on hand A recording of the call will be available by 12 noon Mountain Time (2 p.m. Eastern Time) on the same day at www.megenergy.com/investors/presentations-and-events. These risks and uncertainties include, but are not limited to, risks and uncertainties related to: the oil and gas industry, for example, the securing of adequate access to markets and transportation infrastructure; the availability of capacity on the electricity transmission grid; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to production, costs and revenues; health, safety and environmental risks; legislative and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws and production curtailment; assumptions regarding and the volatility of commodity prices, interest rates and foreign exchange rates; commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that MEG may enter into from time to time to manage its risk related to such prices and rates; securing and maintaining the necessary regulatory approvals and financing to proceed with MEG's future phases and the expansion and/or operation of MEG's projects; access to pipeline and rail transportation; timing of completion, commissioning, and start-up, of MEG's turnarounds, and of future phases, expansions and projects; the operational risks and delays in the development, exploration, production, and the capacities and performance associated with MEG's projects; MEG's ability to reduce production to desired levels; MEG's ability to finance sustaining capital expenditures; MEG's ability to maintain sufficient liquidity to sustain operations through a prolonged market downturn; changes in credit ratings applicable to MEG or any of its securities; MEG's response to the COVID-19 global pandemic; the severity and duration of the COVID-19 pandemic; the potential for a temporary suspension of operations impacted by an outbreak of COVID-19; continued weakness and volatility of crude oil and other petroleum products due to decreased global demand due to the COVID-19 pandemic; and changes in general economic, market and business conditions.

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