MEG follows stringent environmental regulations and has one of the best compliance records in the industry, MEG cares about the communities it operates in and works together with local residents to create positive change, MEG is home to some of the industry's brightest minds and fastest rising stars, There are many reasons why MEG is a great place to work, All financial figures in Canadian dollars ($ or C$) unless otherwise noted. Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in MEG's most recently filed Annual Information Form ("AIF"), along with MEG's other public disclosure documents. MEG continues to progress the Board renewal process and will be announcing three new candidates, representing a broad range of skills and experience, to stand for election at the Corporation's upcoming annual general meeting in June 2019. MEG has a long track record of performance and innovation. Taking into account Enbridge's Mainline apportionment, MEG sold 31% of its sales volumes to the USGC market in the first quarter of 2019 compared to 25% during the same period in 2018, where MEG's AWB barrels receive premium pricing due to strong, continued demand for heavy oil. "Our proprietary technologies enable us to produce some of the lowest carbon-intensity barrels in the basin, and we are focused on maximizing the value for our products as we continue to diversify markets while maintaining cost discipline. May 4, 2020 . MEG's common shares are listed on the Toronto Stock Exchange under the symbol "MEG". First quarter 2019 per barrel costs were impacted by lower production volumes and a higher portion of staff costs ascribed to operations, primarily as a result of lower levels of capital spending. Net cash provided by (used in) operating activities, Net change in non-cash operating working capital items, Realized gain on foreign exchange derivatives(1). MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. Unless otherwise stated, the forward-looking information included in this news release is made as of the date of this news release and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law. MEG recognized a net loss of $48 million in the first quarter of 2019, compared to net earnings of $141 million in the first quarter of 2018. Access photos that tell the story of MEG’s operations, responsible development and work in the community. Funds Flow From (Used in) Operations, Adjusted Funds Flow and Free Cash Flow. 8 HOLD. MEG's leadership team brings a wealth of deep industry knowledge and expertise. 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. Created with Highcharts 8.2.0. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about MEG's prospective results of operations including, without limitation, cash flow and various components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. A gain related to the settlement of forward currency contracts to manage the foreign exchange risk on Canadian dollar denominated proceeds related to the sale of assets designated for U.S. dollar denominated long-term debt repayment. Net debt is calculated as current and long-term portions of long-term debt, net of cash and cash equivalents. Adjusted funds flow is reconciled to net cash provided by (used in) operating activities and is discussed further under the heading "NON-GAAP MEASURES" in the "ADVISORY" section. All Financial Information. To enhance the Corporation's profitability in the quarter given the current strong pricing environment, MEG has strategically purchased production credits from other upstream producers which chose to sell some of their allocations under the current Alberta-wide curtailment. EBITDA is defined as net earnings (loss) before net finance expense, income tax expense (recovery), depletion and depreciation, gain on asset dispositions, unrealized loss (gain) on commodity risk management, unrealized net loss (gain) on foreign exchange and stock-based compensation calculated on a trailing twelve-month basis. A conference call will be held to review MEG's first quarter 2019 operating and financial results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Tuesday, May 7, 2019. July 27, 2020 View All News Items; Photo Gallery. The ratio of Net Debt to EBITDA is used to measure the Corporation's financial strength. G&A expense of $2.27 per barrel of production in the first quarter of 2019 represent a 12% reduction from the same period in 2018. April 27, 2020 View All News Items; Photo Gallery. Further, subject to market conditions, MEG will evaluate utilizing a portion of its previously announced discretionary capital spend of $75 million in the second half of 2019 to advance the highly economic Phase 2B expansion that will support production growth to 113,000 bbls/d, once facility and well capital has been fully invested. While MEG has the ability to average 100,000 bbls/d of production, the current 2019 production guidance of 90,000 to 92,000 bbls/d reflects the impact of the Alberta Government's mandated production curtailment program, with the assumption that it eases throughout the year. 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 . Capital investment in the period was primarily directed towards sustaining and maintenance capital, in addition to advancing eMVAPEX and completing work already underway on the Phase 2B Brownfield expansion. October 19, 2020. Top Reasons to Work at MEG. Bitumen production averaged 87,113 bbls/d in the first quarter of 2019, 7% lower than the same period in 2018 due to the Alberta Government's mandated production curtailment program which came into effect January 1, 2019. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Christina Lake is a multi-phased SAGD project, and currently the focus of MEG's oil development, Cogeneration technology simultaneously produces steam and electricity and has several advantages over conventional steam boilers, Access MEG's financial reports and annual regulatory filings, MEG Energy announces third quarter results including successful completion of major plant turnaround, increased production guidance and further cost reductions, MEG Energy Announces Third Quarter of 2020 Results and Conference Call. Apply Now. The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements. MEG anticipates to fully utilize its 30,000 bbls/d of contracted capacity at Bruderheim by the third quarter of 2019, at which time the Corporation expects normalized delivered rail costs from Edmonton to the Gulf Coast in the range of US$17-19 per barrel on a go-forward basis. As market access improves, we will thoughtfully deploy capital to initiatives that drive the most shareholder value while living within our means.". High $5.964. Analyst Ratings. "The MEG of today is a very different company than the one in the recent past as we focus on what creates sustainable value in the current business environment.
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