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MEG Energy Reports Q2 2017 Results; CapEx Unchanged
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MEG reported its 2Q17 results. Highlights of those results are below.
Quarterly production volumes of 72,448 barrels per day (bpd), while completing planned maintenance activities;
Total cash capital investment during the second quarter of 2017 was $158 million, compared to $78 million for the first quarter of 2017. Capital investment in 2017 is primarily directed towards the company's eMSAGP production growth initiative at Christina Lake Phase 2B, which is proceeding on schedule and ahead of budget. The company expects production to increase in the third quarter, supporting year-end exit production guidance of 86,000 to 89,000 bpd.
Longterm debt continues to sit at ~ 4.4 Billion.
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