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MEG Slashes Capex, Production Guidance Steady
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MEG Energy Corp. reported first quarter 2016 operating and financial results.
Highlights Quarterly production of 76,640 barrels per day (bpd), which includes the impact of planned turnaround work A reduction in planned annual capital spending from $328 million to $170 million Maintaining annual guidance of 80,000 to 83,000 bpd at $6.75 to $7.75 per barrel non-energy operating costs Continuing strong financial liquidity, exiting the quarter with $125 million of cash and cash equivalents and an undrawn US$2.5 billion credit facility ProductionMEG recorded production of 76,640 bpd in the first quarter of 2016. This included the impact of a turnaround at the company's Christina Lake facilities that was brought forward from the second quarter of 2016. Volumes in the first quarter of 2016…
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