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 120 mm cash balance at end of Q2 and C800 mm revolver is…
AB O U T M E G 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…
4 Y E AR R U N WAY W I T H N O F I N AN C I AL C O V E N AN T S CAP I TAL M ARKE TS M ATURI TY STRUCTURE Significant access to liquidity provided by undrawn C800 mm modified covenant- lite credit facility with 4 years to maturity…
L O W B R E AK E V E N P R I C E I N S U S TAI N A B L E AS S S E T High quality, 10-15% decline rate allows for low sustaining capital, enhancing the sustainability of the business and financial flexibility I N S I T U AS S E T S…
ESG PRIORITIES Environment, social and governance considerations are embedded in everything we do ESG objectives drive key metrics in executive and employee compensation HE ALT H & S AF E T Y MEGs goal is for all workers to return…
E N V I R O N M E N TAL L E AD E R NET GHG I NTENSI TY 1 M AKE - UP WATE R WI THDRAWAL I NTENSI TY (kg CO2e/bbl) (bbl make-up water per bbl bitumen) MEG is a leader in lowering Greenhouse Gas (GHG) MEG does not use any surface water…
TO P T I E R O P E R ATO R I N T H E S E C TO R MEGs Christina Lake project has leading steam oil ratio (SOR) and operating costs, highlighting asset quality, advantaged economics and efficiency as an operator F Y 2 0 1 9 SOR 1 2 0 1…
FOCUS ON COST REDUCTION AN D S U S TAI N A B I L I T Y Non-Energy Operating Costs (C mm) Best in class opex per bbl achieved by: Brownfield growth with low incremental costs Optimization of chemical usage Waste stream reduction…
S U B S TAN T I AL VAL U E F R O M COMMODITY HEDGING In H1 2020, hedge portfolio resulted in 321 mm realized gain H2 hedges protect capital program and year end liquidity, WTI exposure 70% hedged* Q3 Q4 As of July 23 rd , 2020 2H…
AS S E T S TO AC C E S S H I G H VAL U E M AR K E T S Strategic marketing assets allow for optimization of realized bitumen price . 1.4 mmbbl Western Canadian Storage Manages Enbridge apportionment Future 20,000 bbl/d on TMX…
2020 OUTLOOK Focus on adapting to challenging market conditions via cash cost reduction and flexible operations Revised annual production guidance of 2 0 2 0 CAP I TAL BUDGE T 1 5 0 M M - 100 mm reduction from original budget…
v 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…
APP E N DI X 14
B L E N D S AL E B Y M AR K E T Anticipate growing deliveries to USGC from 1/3 to 50% in H2 2020 Q2 2 0 20 RESULTS Edmonton (US/bbl) U.S. Gulf Coast (US/bbl) TOTAL TOTAL (US/bbl) (C/bbl)4 US/bbl, except as indicated Pipeline FOB Rail…
M AT E R I AL U N R E C O G N I Z E D VAL U E F R O M TAX P O O L S 5.7 billion of tax pools immediately deductible C O MP O S I TI O N O F TA X P O O L S (C B I L L I O N ) AMOUNT OF IL L USTRATIVE VALUE OF POOLS UTIL IZED TA X P…
D I S C L O S U R E AD V I S O R I E S 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 20 of the Q2 2020 Financial Statements. These terms…
I N V E S TO R R E L AT I O N S INVESTOR R E LAT IO N S T: 5 8 7 . 2 9 3 . 6 0 4 5 E : I N V E S T M E G E N E R G Y. C O M M EDIA R E LAT I O N S T: 5 8 7 . 2 3 3 . 8 3 5 3 E : M E D I A M E G E N E R G Y. C O M W W W . M E G E…
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