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MEG Energy Nearly Doubles 1Q Production Over Last Year
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MEG Energy Corp. has reported first quarter 2014 operational and financial results.
Highlights include: Record cash flow from operations of $157.0 million; Record quarterly production of 58,643 barrels per day (bpd), an increase of 80% over first quarter 2013 production volumes driven by the continuing ramp-up of production at Christina Lake Phase 2B and MEG's RISER initiative; Quarterly exit rate production for the month of March was over 60,600 bpd, supporting targeted annual average production of 60,000 to 65,000 bpd in 2014 and 80,000 bpd by 2015; and First quarter non-energy operating costs of $9.05 per barrel, in line with annual guidance of an average of $8 to $10 per barrel.
Bill McCaffrey, MEG President and Chief Executive Officer, said: "The first quarter has set the stage for…
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