Edition:
United States

MEG Energy Announces Disciplined 2019 Capital Investment Plan, Maintains Optionality To Reach 113,000 bpd In 2020


Tuesday, 22 Jan 2019 07:00am EST 

Jan 22 (Reuters) - MEG Energy Corp ::MEG ENERGY ANNOUNCES DISCIPLINED 2019 CAPITAL INVESTMENT PLAN, MAINTAINS OPTIONALITY TO REACH 113,000 BPD IN 2020.MEG ENERGY CORP - MAINTAINS OPTIONALITY TO REACH 113,000 BPD IN 2020.MEG ENERGY CORP - A BASE CAPITAL BUDGET OF $200 MILLION FOR 2019 TO BE FULLY FUNDED WITH EXPECTED 2019 ADJUSTED FUNDS FLOW FROM OPERATIONS.MEG ENERGY CORP - EXPECTS 2019 PRODUCTION TO AVERAGE 90,000 TO 92,000 BPD.MEG ENERGY CORP - MEG IS RE-INITIATING STRATEGIC ALTERNATIVES REVIEW FOR ITS HI-Q® PARTIAL UPGRADING TECHNOLOGY.MEG ENERGY CORP -SEES 2019 NON-ENERGY OPERATING COSTS IN RANGE OF $4.75 TO $5.25 PER BARREL.MEG ENERGY CORP - ENGAGED A FINANCIAL ADVISOR TO ASSIST WITH STRATEGIC ALTERNATIVES PROCESS.MEG ENERGY CORP - 2019 NON-ENERGY OPERATING COSTS PER BARREL ARE NEGATIVELY IMPACTED BY EXPECTED 8,000 TO 10,000 BPD PRODUCTION CURTAILMENT.MEG ENERGY CORP - 2019 PRODUCTION OUTLOOK LOWERED DUE TO ALBERTA GOVERNMENT MANDATED PRODUCTION CURTAILMENTS.MEG ENERGY CORP - "IN LIGHT OF CURRENT ENVIRONMENT, WE HAVE PULLED BACK SPENDING ON PHASE 2B BROWNFIELD EXPANSION PROJECT".MEG ENERGY CORP - PLANS TO INVEST $20 MILLION FOR ADVANCEMENT OF EMVAPEX PILOT AND ANTICIPATES PROVIDING AN UPDATE ON RESULTS IN LATE 2019.MEG ENERGY - 2019 OPERATIONAL GUIDANCE ASSUMES ALBERTA GOVERNMENT MANDATED PRODUCTION CURTAILMENT REMAINS IN PLACE FOR 2019, BUT EASES OVER COURSE OF YEAR.MEG ENERGY CORP - BOARD IS EVALUATING ITS COMPOSITION AND HAS INITIATED A BOARD RENEWAL PROCESS.