MEG Expands Christina Lake, Taps Debt Market in Oil-Sands Rebound
- Christina Lake Phase 2B output to rise by 25 percent
- Company to invest C$320 million in project this year
This article is for subscribers only.
MEG Energy Corp. is boosting production at its Christina Lake project in Alberta and tapped debt and equity markets for financing, further signs of a rebound in Canada’s oil patch as crude prices stabilize.
The expansion at Christina Lake Phase 2B will increase output from the site by about 25 percent to 100,000 barrels a day by 2019, the Calgary-based company said in a statement late Wednesday. MEG is raising $750 million in the high-yield bond market to refinance debt and sold C$450 million ($344 million) in stock to help fund the expansion.