Wed, Oct. 28, 12:58 PM
- MEG Energy (OTCPK:MEGEF +8.3%) is sharply higher despite reporting a worse than expected Q3 operating loss and a 35% Y/Y drop in revenue to $460M, as investors appear to like the company's steps to reduce its cost structure.
- MEG, one of the biggest players in the Athabasca oil sands region of Alberta, says Q3 net operating costs were $9.10/bbl from $10.31 in the year-ago quarter, supported by record-low non-energy operating costs of $5.98/bbl, and lowers annual guidance to $6.90-$7.10/bbl in non-energy operating costs;
- MEG says Q3 production totaled a record high 82,768 bbl/day, up 8.2% Y/Y; with production for the first nine months of 2015 16% higher at 78,849 bbl/day; MEG continues to target FY 2015 output of 78K-82K bbl/day.
- Says it is cutting its 2015 capital spending forecast to $280M from $305M.
MEG Energy Corp. (MEG) is a Canadian oil sands company focused on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. MEG has acquired a large, high quality resource base one that we believe holds some of the best in situ resources in Alberta.... More
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