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Last C$13.61 CAD
Change Today +0.24 / 1.80%
Volume 2.0M
MEG On Other Exchanges
As of 4:00 PM 07/28/15 All times are local (Market data is delayed by at least 15 minutes).

meg energy corp (MEG) Snapshot

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52 Week High
07/30/14 - C$40.80
52 Week Low
12/12/14 - C$13.30
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meg energy corp (MEG) Details

MEG Energy Corp. develops and produces in situ oil sands in Alberta, Canada. The company is developing oil recovery projects that utilize steam assisted gravity drainage extraction methods. It owns a 100% working interest in approximately 900 square miles of oil sands leases located in the southern Athabasca oil sands region of Alberta. The company also owns a 100% interest in the Stonefell Terminal, which offers 900,000 barrels of terminalling and storage capacity located near Edmonton, Alberta; and a 50% interest in the Access Pipeline, a dual pipeline to transport diluent north from the Edmonton area to the Athabasca oil sands area, as well as a blend of bitumen and diluent south from the Christina Lake Project into the Edmonton area. As of December 31, 2014, it had 3.0 billion barrels of proved plus probable bitumen reserves and 3.8 billion barrels of contingent bitumen resources. MEG Energy Corp. was incorporated in 1999 and is headquartered in Calgary, Canada.

685 Employees
Last Reported Date: 03/4/15
Founded in 1999

meg energy corp (MEG) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: C$586.2K
Chief Financial Officer
Total Annual Compensation: C$397.1K
Senior Vice President of Reservoir & Geoscien...
Total Annual Compensation: C$384.7K
Senior Vice President of Resource Management ...
Total Annual Compensation: C$332.3K
Senior Vice President of Resource Management ...
Total Annual Compensation: C$332.3K
Compensation as of Fiscal Year 2014.

meg energy corp (MEG) Key Developments

MEG Energy Corp., Q2 2015 Earnings Call, Jul 28, 2015

MEG Energy Corp., Q2 2015 Earnings Call, Jul 28, 2015

MEG Energy Corp Temporarily Suspends Operations at Christina Lake Region of Alberta

MEG Energy Corp. has responded to a potential risk from forest fires reported to the northwest of the company's facilities in the Christina Lake region of Alberta. It said while there is currently no safety risk or impact to production facilities, the company has, as a precautionary measure, coordinated transportation out of the immediate area for non-essential staff and contractors. As a precautionary measure, the company temporarily suspended operations, including its planned maintenance turnaround. As soon as it has safety clearance regarding fire hazards, it will resume normal operations.

Meg Energy Corp. Reports Unaudited Earnings and Operational Results for the First Quarter Ended March 31, 2015; Provides Operating Guidance for 2015

MEG Energy Corp. reported unaudited earnings and operational results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of CAD 467 million against CAD 680 million a year ago. Net loss was CAD 508 million or CAD 2.27 per diluted share compared to a net loss of CAD 103 million or CAD 0.46 per diluted share for same period in 2014. Operating loss were CAD 124 million or CAD 0.56 per diluted share against operating earnings of CAD 41 million or CAD 0.18 per diluted share a year ago. Operating earnings decreased due to factors similar to those that affected bitumen price realizations, as well as higher transportation costs and an increase in depletion and depreciation expense, partially offset by higher sales volumes. Cash flow used in operations was CAD 29.5 million for the first quarter of 2015, compared to cash flow from operations of CAD 157.0 million for the same period in 2014. Cash flow from operations decreased primarily due to a decline in benchmark WTI pricing in the quarter and, in January, both a widening of the light-heavy differential as well as increased cost of diluent, reflecting the drawdown of higher priced inventory. For the quarter, the company reported production of 82,398 barrels per day (bpd), an increase of 41% over first quarter 2014 production volumes, driven by the Christina Lake Phase 2B project and continuing implementation of MEG's RISER initiative. The company is targeting average production of 78,000 to 82,000 barrels per day in 2015, which includes the impact of two turnarounds planned in the second quarter of 2015.


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