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MEG Energy Corp. (MEGEF) CEO Derek Evans on Q4 2019 Results - Earnings Call Transcript

Mar. 05, 2020 1:04 PM ETMEG Energy Corp. (MEGEF), MEG:CA
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MEG Energy Corp. (OTCPK:MEGEF) Q4 2019 Results Earnings Conference Call March 5, 2020 8:30 AM ET

Company Participants

Derek Evans - President and CEO

Eric Toews - CFO

Chi-Tak Yee - COO

Lyle Yuzdepski - Senior VP of Legal, General Counsel and Corporate Secretary

Conference Call Participants

Emily Chang - Goldman Sachs

Manish Gupta - Credit Suisse

Benny Wong - Morgan Stanley

John Royall - JP Morgan


Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the MEG Energy’s 2019 Year-End Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session [Operator Instructions]. Thank you. Mr. Derek Evans, you may begin your conference.

Derek Evans

Thank you, Joanna, and good morning, everyone. And thanks for joining us for to review MEG's full year 2019 operating and financial results. In the room with me this morning, I have Eric Toews, our CFO; Chi-Tak Yee, our COO; and Lyle Yuzdepski, our Senior VP of Legal, General Counsel and Corporate Secretary.

Just a reminder that this call contains forward-looking information, please refer to the advisories in our loaded up disclosure documents filed on SEDAR and of course on our Web site. I'll limit my remarks to few key highlights of the year to leave more time for questions.

In 2019, our priorities were to improve overall cost efficiencies, preserve financial liquidity and enhance MEG's competitive position. Since making that commitment to shareholders, we've had an extremely strong year. We've remained steadfast in maintaining long term financial liquidity, while aggressively pursuing costs and ongoing debt repayment.

Since the beginning of 2019, the corporation has repaid $633 million of long term debt, including $501 million of long term

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