Dave Wizinsky to Step Down from the Board of Directors of MEG Energy Corp., Effective May 7, 2015
Apr 14 15
MEG Energy Corp. reported that co-founder Dave Wizinsky will step down from its Board of Directors effective May 7, 2015, after serving for 16 years with the company. Prior to MEG, Mr. Wizinsky was a co-founder of an S&P/TSX 60 Index and London Stock Exchange listed resource company and a corporate commercial and securities lawyer experienced in all aspects of large-scale resource development and commercial production, debt and equity financings, regulatory affairs and corporate social responsibility.
MEG Energy Corp. Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-23-2015
Feb 16 15
MEG Energy Corp. Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-23-2015 . Venue: Loews Hotel, Miami Beach, Florida, United States.
MEG Energy Corp. Reports Unaudited Consolidated Operating and Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2014; Provides Operating Guidance for Fiscal 2015
Feb 5 15
MEG Energy Corp. reported unaudited consolidated operating and financial results for the fourth quarter and full year ended Dec. 31, 2014. Fourth quarter 2014 operating earnings were CAD 8 million compared to an operating loss of CAD 33 million for the same period in 2013. The increase in operating earnings is primarily due to increased bitumen sales volumes and higher price realizations. Cash flow from operations increased nearly six-fold to CAD 134 million in the fourth quarter of 2014 from CAD 23 million in the fourth quarter of 2013. The increase is primarily due to higher bitumen sales volumes and market price realizations, partially offset by an increase in natural gas energy costs and lower power revenues, as well as an increase in interest expense as a result of the weakening Canadian dollar and its impact on USD denominated interest expense. Operating earnings per diluted share was CAD 0.04 against CAD 0.15 for the same period of last year. Revenue was CAD 615 against CAD 350 million for the same period of last year. Net loss was CAD 150 million against CAD 148 million for the same period of last year. Net loss per diluted share was CAD 0.67 against CAD 0.67 for the same period of last year. Total cash capital investment was CAD 324 million against CAD 366 million for the same period of last year. Long-term debt was CAD 4,366 million against CAD 4,005 million for the same period of last year. Cash flow from operations was CAD 134 million against CAD 23 million for the same period of last year
MEG recognized operating earnings of CAD 247 million or CAD 1.1 per diluted share for the full-year 2014 compared to CAD 0.4 million in 2013. Revenue was CAD 2,830 million against CAD 1,334 million for the same period of last year. Net loss was CAD 106 million against CAD 166 million for the same period of last year. Net loss per diluted share was CAD 0.47 against CAD 0.75 for the same period of last year. For the full year 2014, cash flow from operations increased 213% to CAD 791 million from CAD 253 million in 2013, primarily reflecting the same impacts noted for the fourth quarter. MEG's capital investment in 2014 totaled CAD 1.2 billion, a reduction of approximately CAD 600 million from the company's 2014 capital budget. Reduced capital spending reflects MEG's focus on lower-capital cost brownfield investments and deferrals of some planned spending in light of lower commodity prices. Long-term debt was CAD 4,366 million against CAD 4,005 million for the same period of last year.
The company reported production rates for the fourth quarter of 2014 increased to a record 80,349 bpd from comparative fourth quarter 2013 production of 42,251 bpd. Related non-energy operating costs for the fourth quarter were CAD 6.42 per barrel, compared to CAD 8.09 in the fourth quarter of 2013. Annual non-energy operating costs were also at a record low of CAD 8.02 per barrel. Lower costs on both a quarterly and annual basis are reflective of higher production volumes from Phase 2B and increased plant efficiency. While fourth quarter 2014 production volumes exceeded 80,000 bpd, sales volumes were lower at approximately 70,000 bpd. The difference between production and sales was primarily due to the impact of line fill required for the start-up during the quarter of the Flanagan-Seaway pipeline, on which MEG has contracted capacity.
MEG's annual production for 2014 averaged 71,186 bpd, an increase of 102% over 2013 volumes of 35,317 bpd and low annual non-energy operating costs of CAD 8.02 per barrel.
Although the current program is focused primarily on sustaining and maintenance capital, MEG continues to target production growth of approximately 19% over its upwardly-revised 2014 guidance to a target of 78,000 to 82,000 barrels per day in 2015, while providing for two scheduled plant turnarounds.