MEG Energy Corp. Presents at Barclay's High Yield and Syndicated Loan Conference, May-21-2013 01:25 PM. Venue: JW Marriott Chicago, 151 W. Adams Street, Chicago, Illinois, United States. Speakers: Dale J. Hohm, Chief Financial Officer, Scott Carrothers, Tresurer.

MEG Energy Corp. reported unaudited earnings results for the first quarter ended March 31, 2013. For the period, the company's net loss was $71,294,000 or $0.32 diluted per share against net income of $53,369,000 or $0.27 diluted per share a year ago. Operating loss was $36,712,000 or $0.16 diluted per share against operating earnings of $23,529,000 or $0.12 diluted per share a year ago. Cash flow from operations was $7,071,000 or $0.03 diluted per share against $71,991,000 or $0.36 diluted per share a year ago. For the period, the company's production averaged 32,531 barrels per day (bpd), compared to 28,446 bpd for the same period in 2012. The 14% increase is the result of expanded steam generation capacity and enhanced reservoir efficiency measures that have allowed additional wells to be placed into production. The company announced plans to increase production to 80,000 bpd by early 2015. The corporation's remaining budgeted 2013 capital investment totals approximately $1.3 billion, including approximately $135 million deferred from previously planned 2012 investments and will be directed towards: The RISER initiative, which is focused on increasing production and throughput capacity in the near-term from existing facilities; Drilling and completion of an inventory of stand-by wells to take advantage of freed-up steam from the implementation of eMSAGP; Completion of Christina Lake Phase 2B; Engineering, long lead items and site preparation for Phase 3A; and Infrastructure investments to expand the jointly-owned Access Pipeline and complete the 900,000 barrel Stonefell Terminal in mid-2013, effectively placing MEG's production at the Edmonton transportation hub and providing flexible market transportation options.

MEG Energy Corp., Q1 2013 Earnings Call, Apr 24, 2013