2020 Investment Highlights MEG has taken definitive action to enhance its strong liquidity and protect its attractive asset base in the face of COVID induced market conditions Liquidity 62 mm cash balance at end of Q1 and C800 mm…
About MEG MEG is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. MEG transports and sells its thermal oil production to refiners throughout North America and…
4 Year Runway with No Financial Covenants Capital Markets Maturity Structure Significant access to liquidity provided by US in Millions C800 undrawn C800 mm modified covenant-lite credit Unsecured note Revolver facility with 4 years…
Substantial Value from Commodity Hedging 2020 full year hedge book value of 5251 million, including realized gains in Q1 Substantially enhances liquidity and cash flow in volatile commodity price market Q2 Q3 Q4 As of May 4th, 2020…
Top Tier Operator in the Sector MEGs Christina Lake project has a leading steam oil ratio (SOR), highlighting asset quality, advantaged economics and efficiency as an operator FY 2019 SOR(1) 2019 Operating Expense(2) (C/boe) MEG…
Focus on Cost Reduction and Sustainability Non-Energy Operating Costs (C mm) 193 Best in class opex per bbl achieved by: 165 157 147 145 Brownfield growth with low incremental costs 135 Optimization of chemical usage Waste stream…
Assets to Access High Value Markets Strategic marketing assets allow for optimization of realized bitumen price 1.4 mmbbl Western Canadian Storage Manages Enbridge apportionment Future 20,000 bbl/d Edmonton Bruderheim on TMX Access…
Low Breakeven Price in Sustainable Asset High quality, 10-15% decline rate allows for low sustaining capital, enhancing the sustainability of the business and financial flexibility In situ assets have low decline profile (10 15%…
2020 Outlook Focus on adapting to challenging market conditions via cash cost reduction and flexible operations H1 production guidance of 76,000 bbls/d, 2020 Capital Budget 150 mm including impact of turnaround starting in - 100 mm…
COVID-19 Response Proactive plans to manage risks presented by global pandemic The Corporations business activities have been declared an essential service by the Alberta Government and the Corporation remains committed to the health…
ESG Priorities Environment, social and governance considerations are embedded in everything we do ESG objectives drive key metrics in executive and employee compensation H E A LT H & S A F E T Y MEGs goal is for all workers to return…
Environmental Leader Net GHG Intensity (1) Make-up Water Withdrawal Intensity (kg CO2e/bbl) (bbl make-up water per bbl bitumen) 75 0.70 0.60 0.50 65 0.40 More than 20% below 0.30 55 in situ industry average 0.20 0.10 82%…
APPENDIX
Blend Sales by Market Anticipate growing deliveries to USGC from 1/3 to 50% in H2 2020 Q1 2020 Results Edmonton (US/bbl) U.S. Gulf Coast (US/bbl) TOTAL TOTAL US/bbl, except as indicated Pipeline FOB Rail Pipeline Delivered Rail…
Material Unrecognized Value from Tax Pools 5.7 billion of tax pools immediately deductible Composition of Tax Pools (C billion) Amount of Pools Illustrative Value of Tax Pools Utilized by Year(1) at 8.0% Discount Rate Non-Capital…
Disclosure Advisories Non-GAAP Measures This presentation refers to the non-GAAP measure of free cash flow, as well as adjusted funds flow which is defined in Note 19 of the Q1 2020 Financial Statements. These terms may not be comparable…
Investor Relations Investor Relations T 403.767.6206 E investmegenergy.com Media Relations T 403.767.1485 E mediamegenergy.com
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