Last C$20.80 CAD
Change Today -3.35 / -13.87%
Volume 5.3M
As of 3:56 PM 11/27/14 All times are local (Market data is delayed by at least 15 minutes).

meg energy corp (MEG) Snapshot

Open
C$23.72
Previous Close
C$24.15
Day High
C$23.86
Day Low
C$20.51
52 Week High
04/30/14 - C$41.29
52 Week Low
11/27/14 - C$20.51
Market Cap
4.7B
Average Volume 10 Days
1.1M
EPS TTM
C$-0.47
Shares Outstanding
223.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for MEG ENERGY CORP (MEG)

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meg energy corp (MEG) Details

MEG Energy Corp. engages in the development and production of in situ oil sands in Alberta, Canada. The company is developing enhanced oil recovery projects that utilize steam assisted gravity drainage extraction methods. It owns 100% working interest in approximately 200 square kilometers of oil sands leases in the Christina Lake project; and holds interest in approximately 2,000 square kilometers in the Growth Properties. The company also owns 100% working interest in the oil sands leases associated with the Surmont Project. In addition, it holds a 50% interest in a dual pipeline system, which connects the Christina Lake project to a regional upgrading, refining, and transportation hub in the Edmonton, Alberta area, as well as owns the Stonefell Terminal, a terminalling and storage facility. As of December 31, 2011, the company had 2.6 billion barrels of proved plus probable bitumen reserves and 3.4 billion barrels of contingent bitumen resources. MEG Energy Corp. was incorporated in 1999 and is headquartered in Calgary, Canada.

583 Employees
Last Reported Date: 03/5/14
Founded in 1999

meg energy corp (MEG) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: C$561.0K
Chief Financial Officer
Total Annual Compensation: C$131.0K
Senior Vice President of Reservoir & Geoscien...
Total Annual Compensation: C$359.6K
Senior Vice President of Resource Management ...
Total Annual Compensation: C$318.0K
Senior Vice President of Resource Management ...
Total Annual Compensation: C$318.0K
Compensation as of Fiscal Year 2013.

meg energy corp (MEG) Key Developments

MEG Energy Corp. Expands its Senior Secured Revolving Credit Facility

MEG Energy Corp. announced that it has expanded its senior secured revolving credit facility from USD 2.0 billion to USD 2.5 billion and has extended the maturity of the revolving credit facility by one year to 2019. The transaction was completed through an amendment of MEG's credit agreement, entered into with its existing syndicate of lenders. The revolving credit facility retains its covenant-lite structure and is currently undrawn.

Meg Energy Corp. Announces Unaudited Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Spending Guidance for the Year 2014

MEG Energy Corp. announced unaudited earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net revenue received by MEG after adjusting for operating and transportation costs - remained strong at $48.70 per barrel in the third quarter of 2014 compared to $51.45 per barrel in the second quarter. Record production volumes, low operating costs and strong price realizations in the third quarter of 2014 contributed to quarterly cash flow from operations of $238.7 million or $1.06 per diluted share, compared to $144.5 million or $0.64 per diluted share in the third quarter of 2013. Operating earnings, which are adjusted for items that are not indicative of operating performance, increased to $87.5 million or $0.39 per diluted share from $56.2 million or $0.25 per diluted share in the same period of 2013, reflecting the same factors that impacted cash flow from operations. Net loss was $101.0 million or $0.45 per diluted share compared to net income of $115.4 million or $0.51 per diluted share in the third quarter of 2013. The difference primarily reflects $203.1 million of unrealized foreign exchange losses on the translation of the company's US dollar denominated debt in the third quarter of 2014 compared to unrealized foreign exchange gains of $64.3 million in the third quarter of 2013. For the nine months, the company reported cash operating netbacks were $48.18 per barrel compared to $40.32 per barrel for the first nine months of 2013. The increase in year-to-date cash operating netbacks is primarily due to increased crude oil benchmark prices and narrowing light-heavy oil differentials, partially offset by an increase in natural gas energy prices and a decrease in power sales pricing. Net income was $44,538,000 or $0.20 per diluted share compared to net loss of $18,223,000 or $0.08 per diluted share for the same period a year ago. Operating earnings were $239,269,000 or $1.06 per diluted share compared to $33,071,000 or $0.15 per diluted share for the same period a year ago. Cash flow from operations was $657,359,000 or $2.92 per diluted share compared to $230,776,000 or $1.03 per diluted share for the same period a year ago. Cash, cash equivalents and short-term investments was $776,522,000 compared to $647,096,000 for the same period a year ago. Long-term debt was $4,217,536,000 compared to $2,857,740,000 for the same period a year ago. The company invested $900 million of the budgeted $1.8 billion of total to 2014 capital budget announced in December 2013. For the quarter, the company reported bitumen production increased to a record of 76,471 barrels per day (bpd), more than 120% over comparative third quarter 2013 production of 34,246 bpd. Higher production rates reflect the ramp-up of MEG's Christina Lake Phase 2B project, as well as incremental production associated with the company's RISER initiative on phases 1 and 2 of the Christina Lake Project. For the nine months, the company reported average bitumen production rose to 68,108 bpd from 32,980 bpd in the same period of 2013. Nine month production volumes for both 2013 and 2014 were impacted by planned maintenance. The company's expectation is that full year capital spending in 2014 will come in below the base budget of $1.6 billion.

MEG Energy Corp., Q3 2014 Earnings Call, Oct 29, 2014

MEG Energy Corp., Q3 2014 Earnings Call, Oct 29, 2014

 

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Valuation MEG Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 2.2x
Price/Book 1.2x
Price/Cash Flow 25.0x
TEV/Sales 0.3x
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