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MEG Energy significantly reduces overall cost structure


Published Oct 28, 2015
MEG Energy Corp.-2

MEG Energy Corp. reported third quarter 2015 operating and financial results. Highlights include: •Net operating costs of $9.10 per barrel, supported by record-low non-energy operating costs of $5.98 per barrel in the third quarter and with annual guidance reduced to a targeted $6.90 to $7.10 non-energy operating cost per barrel; •Record-high quarterly production volumes of 82,768 barrels per day (bpd); •Cash flow from operations of $24 million, or $0.11 per share, and reduced capital spending supporting strong financial liquidity, exiting the quarter with $351 million in cash and an undrawn US$2.5 billion credit facility; •The 2015 capital program has been revised downwards to approximately $280 million from the previous guidance of $305 million.

"Despite the challenging commodity price environment, we continue to see positive results from the cost reduction strategy that has moved MEG to a net operating cost of less than $10 per barrel," said Bill McCaffrey, President and Chief Executive Officer. "This is a result of our ongoing efforts to further improve our operating efficiencies, as well as our success in steadily increasing production volumes from our existing assets."

Tags: MEG Energy Corp.




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