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MEG Energy Plans 2014 Spending of $1.8 Billion
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MEG Energy Corp. has released its 2014 capital budget and guidance.
The company's plans include a capital program of $1.8 billion, including $200 million available on a discretionary basis subject to the timing of current and future projects. MEG has set a 2014 production target of 60,000 to 65,000 barrels per day (bpd), with a related non-energy operating cost target of $8 to $10per barrel.
Highlights include: Targeted 2014 annual production volumes nearly double 2013 guidance, supporting MEG's early 2015 goal of 80,000 bpd driven by the implementation of the RISER 2 initiative and the ramp-up of Christina Lake Phase 2B; Investment in a major 'brownfield' expansion within Phase 2B, which the company anticipates will raise its overall production to a level of 115,000 to 125,000 bpd by…- ✓ Full news archive — U.S., Canada & international coverage
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