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MEG Energy Trims 2014 Capex, Adapts to Market
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MEG Energy has provided an update to its 2014 capital program and outlined its 2015 capital investment plan and production guidance.
Highlights include: A reduction in planned 2014 capital investment to approximately $1.2 billion from an original budget of $1.8 billion; Planned 2015 capital investment of $1.2 billion that is intended to be internally-funded from 2014 year-end cash-on-hand and projected 2015 cash flow from operations, 80% of the 2015 capital budget is directed towards growth and netback enhancement projects; Targeted 2015 production of 78,000 to 82,000 barrels per day (bpd) at a non-energy operating cost of $8 to $10 per barrel. 2014 Capital Investment Update MEG expects to invest approximately $1.2 billion in 2014, a reduction of 31% from its original 2014 budget of…- ✓ Full news archive — U.S., Canada & international coverage
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