All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen unless otherwise noted. The Corporation's Non-GAAP and Other Financial Measures are detailed in the Advisory section of this news release. They include: cash operating netback, bitumen realization net of transportation and storage expense, operating expenses net of power revenue, energy operating costs net of power revenue, non-energy operating costs, energy operating costs, adjusted funds flow, free cash flow and net debt. |
"Increased bitumen production and strong bitumen realizations resulted in over
Third quarter 2023 highlights include:
- Funds flow from operating activities ("FFO") and adjusted funds flow ("AFF") of
$492 million , or$1.71 per share. Year-to-date FFO and AFF totaled$1,118 million and$1,044 million , or$3.85 and$3.60 per share, respectively; - Bitumen production of 103,726 barrels per day ("bbls/d") at a 2.28 steam-oil ratio ("SOR") reflecting the Corporation's continued focus on short-cycle redevelopment programs, enhanced completion designs and optimized well spacing. Year-to-date bitumen production averaged 98,835 bbls/d;
- Bitumen realization after net transportation and storage expense of
$84.75 per barrel reflecting the Corporation's strategic market access together with supportive supply/demand fundamentals for its Access Western Blend ("AWB") product. Bitumen realization after net transportation and storage expense in the first nine months of 2023 was$62.04 per barrel; - Free cash flow ("FCF") of
$409 million after$83 million of capital expenditures. Year-to-date FCF totaled$699 million after$345 million of capital expenditures; - Debt repayment of
US$68 million (approximately$92 million ) during the third quarter of 2023 andUS$194 million (approximately$263 million ) year-to-date. Net debt declined toUS$885 million (approximately$1.2 billion ) at the end of the third quarter of 2023; - MEG returned
$58 million to shareholders during the third quarter of 2023 through the buyback and cancellation of 2.3 million shares at a weighted average price of$25.40 per share. Year-to-date buybacks totaled 10.3 million shares, returning$227 million to shareholders; - Operating expenses net of power revenue of
$5.11 per barrel. Power revenue more than offset energy operating costs, resulting in a recovery of energy operating costs net of power revenue of$0.04 per barrel and non-energy operating costs of$5.15 per barrel. Year-to-date operating expenses net of power revenue were$5.91 per barrel, including non-energy operating costs of$5.16 per barrel and$0.75 per barrel of energy operating costs net of power revenue; - The Corporation published its third ESG report in
September 2023 , which discusses its foundational commitments of Business Model Resilience and Governance and the Corporation's priority ESG topics: Health and Safety; Climate Change and GHG Emissions; Water Management; Energy Security; Energy Affordability; and Indigenous Relations; and - On
September 13, 2023 , Fitch Ratings raised the Corporation's long-term issuer credit rating to BB- with a stable outlook from B+ and affirmed the issue-level rating on the Corporation's senior unsecured notes at BB-.
Nine months | 2023 | 2022 | 2021 | |||||||
($millions, except as indicated) | 2023 | 2022 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
Bitumen production - bbls/d | 98,835 | 90,126 | 103,726 | 85,974 | 106,840 | 110,805 | 101,983 | 67,256 | 101,128 | 100,698 |
Steam-oil ratio | 2.26 | 2.42 | 2.28 | 2.25 | 2.25 | 2.22 | 2.39 | 2.46 | 2.43 | 2.42 |
Bitumen sales - bbls/d | 97,194 | 89,662 | 101,625 | 83,531 | 106,480 | 113,582 | 95,759 | 73,091 | 100,186 | 98,894 |
Bitumen realization after net transportation and storage expense(1) - $/bbl | 62.04 | 86.02 | 84.75 | 57.64 | 43.40 | 54.75 | 74.75 | 103.29 | 84.31 | 59.67 |
Non-energy operating costs(2) - $/bbl | 5.16 | 4.90 | 5.15 | 5.66 | 4.77 | 4.34 | 4.49 | 5.65 | 4.74 | 4.56 |
Energy operating costs net of power revenue(1) - $/bbl | 0.75 | 3.89 | (0.04) | 0.97 | 1.36 | 1.49 | 0.96 | 7.32 | 4.24 | 3.64 |
Cash operating netback(1) - $/bbl | 45.19 | 70.61 | 58.64 | 42.38 | 34.32 | 43.89 | 62.63 | 81.75 | 70.21 | 37.87 |
General & administrative expense - $/bbl of bitumen production volumes | 1.84 | 1.84 | 1.73 | 1.85 | 1.94 | 1.62 | 1.72 | 2.37 | 1.61 | 1.58 |
Funds flow from operating activities | 1,118 | 1,500 | 492 | 278 | 348 | 383 | 501 | 412 | 587 | 260 |
Per share, diluted | 3.85 | 4.80 | 1.71 | 0.96 | 1.19 | 1.28 | 1.63 | 1.31 | 1.87 | 0.83 |
Adjusted funds flow(3) | 1,044 | 1,533 | 492 | 278 | 274 | 401 | 496 | 478 | 559 | 274 |
Per share, diluted(3) | 3.60 | 4.91 | 1.71 | 0.96 | 0.94 | 1.34 | 1.61 | 1.52 | 1.78 | 0.88 |
Free cash flow(3) | 699 | 1,263 | 409 | 129 | 161 | 295 | 418 | 374 | 471 | 168 |
Revenues | 4,209 | 4,673 | 1,438 | 1,291 | 1,480 | 1,445 | 1,571 | 1,571 | 1,531 | 1,307 |
Net earnings (loss) | 466 | 743 | 249 | 136 | 81 | 159 | 156 | 225 | 362 | 177 |
Per share, diluted | 1.61 | 2.38 | 0.86 | 0.47 | 0.28 | 0.53 | 0.51 | 0.72 | 1.15 | 0.57 |
Capital expenditures | 345 | 270 | 83 | 149 | 113 | 106 | 78 | 104 | 88 | 106 |
Long-term debt, including current portion | 1,323 | 1,803 | 1,323 | 1,382 | 1,466 | 1,581 | 1,803 | 2,026 | 2,440 | 2,762 |
Net debt(3) - C$ | 1,198 | 1,634 | 1,198 | 1,316 | 1,381 | 1,389 | 1,634 | 1,782 | 2,150 | 2,401 |
Net debt(3) - US$ | 885 | 1,193 | 885 | 994 | 1,020 | 1,026 | 1,193 | 1,384 | 1,722 | 1,897 |
(1) Non-GAAP financial measure - please refer to the Advisory section of this news release. |
(2) Supplementary financial measure - please refer to the Advisory section of this news release. |
(3) Capital management measure - please refer to the Advisory section of this news release. |
Financial Results
AFF and FFO in the third quarter of 2023 decreased to
Third quarter 2023 bitumen realization after net transportation and storage expense rose to
The Corporation's
The Corporation sold 73% and 66% of blend sales volumes in the USGC market during the third quarters of 2023 and 2022, respectively. Average heavy oil apportionment on the Enbridge mainline system was 1% and 3% in those periods.
Third quarter 2023 FCF was
Capital expenditures rose to
Net earnings increased to
Operating Results
Bitumen production rose approximately 2% in the third quarter of 2023 to 103,726 bbls/d, from 101,983 bbls/d in the same period of 2022. Higher 2023 production was delivered at a 2.28 SOR, a 5% reduction from 2.39 in the third quarter of 2022. This reflects the Corporation's continued focus on short-cycle redevelopment programs, enhanced completion designs, optimized well spacing and targeted facility enhancements.
Third quarter 2023 non‐energy operating costs increased to
Power revenue exceeded energy operating costs in the third quarter of 2023 generating a
Debt Repurchases and Share Buybacks
The
The Corporation remains focused on its strategy of debt reduction and returning capital to shareholders. From
Capital Allocation Strategy
Approximately 50% of 2023 FCF is being allocated to debt reduction with the remainder applied to share buybacks. 100% of FCF will be returned to shareholders when the Corporation reaches its
Sustainability and Pathways Update
The Corporation published its third ESG report in
MEG, along with its
For further details on the 2023 ESG Report and on the Corporation's approach to ESG matters, please refer to the "Sustainability" section of the Corporation's website at www.megenergy.com and the most recently filed AIF on www.sedarplus.ca.
Outlook
The 2023 guidance remains unchanged. Forecast bitumen production for the second half of the year is unchanged at approximately 105,000 bbls/d, with annual production still trending towards the low end of the guidance range and non-energy operating costs and G&A expense still trending towards the high end of their respective ranges.
The Corporation has capacity to ship 100,000 bbls/d of AWB blend sales, on a pre-apportionment basis, to the USGC market via its committed FSP capacity. In addition, 20,000 bbls/d of capacity is contracted on the TMX pipeline system to
Summary of 2023 Guidance | ||
Capital expenditures | ||
Bitumen production - annual average(1) | 100,000 - 105,000 bbls/d | |
Non-energy operating costs | ||
G&A expense |
(1) 2023 guidance includes the bitumen production impact of the second quarter turnaround which impacted annual average bitumen production by approximately 6,000 bbls/d. |
Adjusted Funds Flow Sensitivity
MEG's production is comprised entirely of crude oil and AFF is highly correlated with crude oil benchmark prices and light-heavy oil differentials. The following table provides an annual sensitivity estimate to the most significant market variables.
Variable | Range | 2023 AFF Sensitivity(1)(2) - C$mm |
WCS Differential (US$/bbl) | +/- | +/- C$45mm |
WTI (US$/bbl) | +/- | +/- C$27mm |
Bitumen Production (bbls/d) | +/- 1,000 bbls/d | +/- C$17mm |
Condensate (US$/bbl) | +/- | +/- C$14mm |
Exchange Rate (C$/US$) | +/- | +/- C$9mm |
Non-Energy Opex (C$/bbl) | +/- | +/- C$6mm |
+/- | +/- C$2mm |
(1) | Each sensitivity is independent of changes to other variables. |
(2) | Assumes low end of 2023 production guidance, |
(3) | Assumes 1.3 GJ/bbl of bitumen, 70% of 150 MW of power generation sold externally and a 30.0 GJ/MWh heat rate. |
Conference Call
A conference call will be held to review MEG's third quarter 2023 operating and financial results at
A recording of the call will be available by
ADVISORY
Basis of Presentation
MEG prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS") and presents financial results in Canadian dollars ($ or C$), which is the Corporation's functional currency.
Non-GAAP and Other Financial Measures
Certain financial measures in this news release are non-GAAP financial measures or ratios, supplementary financial measures and capital management measures. These measures are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-GAAP and other financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS.
Adjusted Funds Flow and Free Cash Flow
Adjusted funds flow and free cash flow are capital management measures and are defined in the Corporation's consolidated financial statements. Adjusted funds flow and free cash flow are presented to assist management and investors in analyzing operating performance and cash flow generating ability. Funds flow from operating activities is an IFRS measure in the Corporation's consolidated statement of cash flow. Adjusted funds flow is calculated as funds flow from operating activities excluding items not considered part of ordinary continuing operating results. By excluding non-recurring adjustments, the adjusted funds flow measure provides a meaningful metric for management and investors by establishing a clear link between the Corporation's cash flows and cash operating netback. Free cash flow is presented to assist management and investors in analyzing performance by the Corporation as a measure of financial liquidity and the capacity of the business to repay debt and return capital to shareholders. Free cash flow is calculated as adjusted funds flow less capital expenditures.
In the second quarter of 2022, an adjustment was made to the presentation of adjusted funds flow and free cash flow. In
Therefore, the financial statement impacts of the
The following table reconciles FFO to AFF to FCF:
Three months ended | Nine months ended | |||
($millions) | 2023 | 2022 | 2023 | 2022 |
Funds flow from operating activities | $ 492 | $ 501 | $ 1,118 | $ 1,500 |
Adjustments: | ||||
Impact of cash-settled SBC units subject to equity price risk management | — | (5) | 13 | 79 |
Realized equity price risk management gain | — | — | (87) | (46) |
Adjusted funds flow | 492 | 496 | 1,044 | 1,533 |
Capital expenditures | (83) | (78) | (345) | (270) |
Free cash flow | $ 409 | $ 418 | $ 699 | $ 1,263 |
Net Debt
Net debt is a capital management measure and is defined in the Corporation's consolidated financial statements. Net debt is an important measure used by management to analyze leverage and liquidity. Net debt is calculated as long-term debt plus current portion of long-term debt less cash and cash equivalents.
The following table reconciles the Corporation's current and long-term debt to net debt:
As at | ||
Long-term debt | $ 1,323 | $ 1,578 |
Current portion of long-term debt | — | 3 |
Cash and cash equivalents | (125) | (192) |
Net debt - C$ | $ 1,198 | $ 1,389 |
Net debt - US$ | $ 885 | $ 1,026 |
Cash Operating Netback
Cash operating netback is a non-GAAP financial measure, or ratio when expressed on a per barrel basis. Its terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. This non-GAAP financial measure should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS.
Cash operating netback is a financial measure widely used in the oil and gas industry as a supplemental measure of a company's efficiency and its ability to generate cash flow for debt repayment, capital expenditures, or other uses. The per barrel calculation of cash operating netback is based on bitumen sales volumes.
Revenues is an IFRS measure in the Corporation's consolidated statement of earnings (loss) and comprehensive income (loss) which is the most directly comparable primary financial statement measure to cash operating netback. A reconciliation from revenues to cash operating netback has been provided below:
Three months ended | Nine months ended | |||
($millions) | 2023 | 2022 | 2023 | 2022 |
Revenues | $ 1,438 | $ 1,571 | $ 4,209 | $ 4,673 |
Diluent expense | (359) | (411) | (1,220) | (1,343) |
Transportation and storage expense | (157) | (138) | (452) | (387) |
Purchased product | (279) | (383) | (1,066) | (919) |
Operating expenses | (80) | (94) | (252) | (305) |
Realized gain (loss) on commodity risk management | (14) | 7 | (19) | 9 |
Cash operating netback | $ 549 | $ 552 | $ 1,200 | $ 1,728 |
Blend Sales and Bitumen Realization
Blend sales and bitumen realization are non-GAAP financial measures, or ratios when expressed on a per barrel basis, and are used as a measure of the Corporation's marketing strategy by isolating petroleum revenue and costs associated with its produced and purchased products and excludes royalties. Their terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-GAAP financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Blend sales per barrel is based on blend sales volumes and bitumen realization per barrel is based on bitumen sales volumes.
Revenues is an IFRS measure in the Corporation's consolidated statement of earnings (loss) and comprehensive income (loss), which is the most directly comparable primary financial statement measure to blend sales and bitumen realization. A reconciliation from revenues to blend sales and bitumen realization has been provided below:
Three months ended | Nine months ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
($millions, except as indicated) | $/bbl | $/bbl | $/bbl | $/bbl | ||||
Revenues | $ 1,438 | $ 1,571 | $ 4,209 | $ 4,673 | ||||
Power and transportation revenue | (33) | (47) | (98) | (93) | ||||
Royalties | 181 | 66 | 270 | 171 | ||||
Petroleum revenue | 1,586 | 1,590 | 4,381 | 4,751 | ||||
Purchased product | (279) | (383) | (1,066) | (919) | ||||
Blend sales | 1,307 | 1,207 | $ 99.96 | 3,315 | $ 88.18 | 3,832 | ||
Diluent expense | (359) | (0.06) | (411) | (9.63) | (1,220) | (9.20) | (1,343) | (8.26) |
Bitumen realization | $ 948 | $ 796 | $ 90.33 | $ 2,095 | $ 78.98 | $ 2,489 |
Net Transportation and Storage Expense
Net transportation and storage expense is a non-GAAP financial measure, or ratio when expressed on a per barrel basis. Its terms are not defined by IFRS and therefore may not be comparable to similar measures provided by other companies. This non-GAAP financial measure should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Per barrel amounts are based on bitumen sales volumes.
It is used as a measure of the Corporation's marketing strategy by focusing on maximizing the realized AWB sales price after transportation and storage expense by utilizing its network of pipeline and storage facilities to optimize market access.
Transportation and storage expense is an IFRS measure in the Corporation's consolidated statements of earnings (loss) and comprehensive income (loss).
Power and transportation revenue is an IFRS measure in the Corporation's consolidated statement of earnings (loss) and comprehensive income (loss), which is the most directly comparable primary financial statement measure to transportation revenue. A reconciliation from power and transportation revenue to transportation revenue has been provided below.
Three months ended | Nine months ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
($millions, except as indicated) | $/bbl | $/bbl | $/bbl | $/bbl | ||||
Transportation and storage expense | $ (157) | $ (138) | $ (15.70) | $ (452) | $ (17.04) | $ (387) | $ (15.80) | |
Power and transportation revenue | $ 33 | $ 47 | $ 98 | $ 93 | ||||
Less power revenue | (32) | (46) | (95) | (90) | ||||
Transportation revenue | $ 1 | $ 0.11 | $ 1 | $ 0.12 | $ 3 | $ 0.10 | $ 3 | $ 0.14 |
Net transportation and storage expense | $ (156) | $ (137) | $ (15.58) | $ (449) | $ (16.94) | $ (384) | $ (15.66) |
Bitumen Realization after Net Transportation and Storage Expense
Bitumen realization after net transportation and storage expense is a non-GAAP financial measure, or ratio when expressed on a per barrel basis. Its terms are not defined by IFRS and, therefore may not be comparable to similar measures provided by other companies. This non-GAAP financial measure should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Per barrel amounts are based on bitumen sales volumes.
It is used as a measure of the Corporation's marketing strategy by focusing on maximizing the realized bitumen sales price after net transportation and storage expense by utilizing its network of pipeline and storage facilities to optimize market access.
Three months ended | Nine months ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
($millions, except as indicated) | $/bbl | $/bbl | $/bbl | $/bbl | ||||
Bitumen realization(1) | $ 948 | $ 101.47 | $ 796 | $ 90.33 | $ 2,095 | $ 78.98 | $ 2,489 | $ 101.68 |
Net transportation and storage expense(1) | (156) | (16.72) | (137) | (15.58) | (449) | (16.94) | (384) | (15.66) |
Bitumen realization after net transportation and storage expense | $ 792 | $ 84.75 | $ 659 | $ 74.75 | $ 1,646 | $ 62.04 | $ 2,105 | $ 86.02 |
(1) Non-GAAP financial measure as defined in this section. |
Operating Expenses net of Power Revenue and Energy Operating Costs net of Power Revenue
Operating expenses net of power revenue and Energy operating costs net of power revenue are both non-GAAP financial measures, or ratios when expressed on a per barrel basis. Their terms are not defined by IFRS and therefore may not be comparable to similar measures provided by other companies. These non-GAAP financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Per barrel amounts are based on bitumen sales volumes.
Operating expenses net of power revenue is used as a measure of the Corporation's cost to operate its facilities at the
Energy operating costs net of power revenue is used to measure the performance of the Corporation's cogeneration facilities to offset energy operating costs.
Non-energy operating costs and energy operating costs are supplementary financial measures as they represent portions of operating expenses. Non-energy operating costs comprise production-related operating activities and energy operating costs reflect the cost of natural gas used as fuel to generate steam and power. Per barrel amounts are based on bitumen sales volumes.
Operating expenses is an IFRS measure in the Corporation's consolidated statement of earnings (loss) and comprehensive income (loss). Power and transportation revenue is an IFRS measure in the Corporation's consolidated statement of earnings (loss) and comprehensive income (loss) which is the most directly comparable primary financial statement measure to power revenue. A reconciliation from power and transportation revenue to power revenue has been provided below.
Three months ended | Nine months ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
($millions, except as indicated) | $/bbl | $/bbl | $/bbl | $/bbl | ||||
Non-energy operating costs | $ (48) | $ (5.15) | $ (40) | $ (4.49) | $ (137) | $ (5.16) | $ (120) | $ (4.90) |
Energy operating costs | (32) | (3.42) | (54) | (6.12) | (115) | (4.34) | (185) | (7.53) |
Operating expenses | $ (80) | $ (8.57) | $ (94) | $ (10.61) | $ (252) | $ (9.50) | $ (305) | $ (12.43) |
Power and transportation revenue | $ 33 | $ 47 | $ 98 | $ 93 | ||||
Less transportation revenue | (1) | (1) | (3) | (3) | ||||
Power revenue | $ 32 | $ 3.46 | $ 46 | $ 5.16 | $ 95 | $ 3.59 | $ 90 | $ 3.64 |
Operating expenses net of power revenue | $ (48) | $ (5.11) | $ (48) | $ (5.45) | $ (157) | $ (5.91) | $ (215) | $ (8.79) |
Energy operating costs net of power revenue | $ — | $ 0.04 | $ (8) | $ (0.96) | $ (20) | $ (0.75) | $ (95) | $ (3.89) |
Forward-Looking Information
Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable Canadian securities laws. These statements relate to future events or MEG's future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "plan", "intend", "target", "potential" and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this press release contains forward looking statements with respect to: the Corporation's expectation of reaching its
Forward-looking information contained in this press release is based on management's expectations and assumptions regarding, among other things: future crude oil, bitumen blend, natural gas, electricity, condensate and other diluent prices, differentials, the level of apportionment on the Enbridge Mainline system, foreign exchange rates and interest rates; the recoverability of MEG's reserves and contingent resources; MEG's ability to produce and market production of bitumen blend successfully to customers; future growth, results of operations and production levels; future capital and other expenditures; revenues, expenses and cash flow; operating costs; reliability; continued liquidity and runway to sustain operations through a prolonged market downturn; MEG's ability to reduce or increase production to desired levels, including without negative impacts to its assets; anticipated reductions in operating costs as a result of optimization and scalability of certain operations; anticipated sources of funding for operations and capital investments; plans for and results of drilling activity; the regulatory framework governing royalties, land use, taxes and environmental matters, including the timing and level of government production curtailment and federal and provincial climate change policies, in which MEG conducts and will conduct its business; the availability of government support to industry to assist in the achievement of net zero GHG emissions by 2050; the impact of MEG's response to the COVID-19 global pandemic; and business prospects and opportunities. By its nature, such forward-looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated.
These risks and uncertainties include, but are not limited to, risks and uncertainties related to: the oil and gas industry, for example, the securing of adequate access to markets and transportation infrastructure (including pipelines and rail) and the commitments therein; the availability of capacity on the electricity transmission grid; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to production, costs and revenues; health, safety and environmental risks, including public health crises, such as the COVID-19 pandemic, and any related actions taken by governments and businesses; legislative and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws and production curtailment; the cost of compliance with current and future environmental laws, including climate change laws; risks relating to increased activism and public opposition to fossil fuels and oil sands; the inability to access government support to industry to assist in the achievement of net zero GHG emissions by 2050; assumptions regarding and the volatility of commodity prices, interest rates and foreign exchange rates; commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that MEG may enter into from time to time to manage its risk related to such prices and rates; timing of completion, commissioning, and start-up, of MEG's turnarounds; the operational risks and delays in the development, exploration, production, and the capacities and performance associated with MEG's projects; MEG's ability to reduce or increase production to desired levels, including without negative impacts to its assets; MEG's ability to finance capital expenditures; MEG's ability to maintain sufficient liquidity to sustain operations through a prolonged market downturn; changes in credit ratings applicable to MEG or any of its securities; the severity and duration of ongoing consequences of the COVID-19 pandemic; actions taken by OPEC+ in relation to supply management; the impact of the Russian invasion of
Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.
Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in MEG's most recently filed Annual Information Form ("AIF"), along with MEG's other public disclosure documents. Copies of the AIF and MEG's other public disclosure documents are available through the Company's website at www.megenergy.com/investors and through the SEDAR+ website at www.sedarplus.ca.
The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this news release is made as of the date of this news release and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about MEG's prospective results of operations including, without limitation, the Corporation's capital expenditures, production, non-energy operating costs, general and administrative costs and transportation costs, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. MEG's actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits MEG will derive therefrom. MEG has included the FOFI in order to provide readers with a more complete perspective on MEG's future operations and such information may not be appropriate for other purposes. MEG disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law.
About MEG
MEG is an energy company focused on sustainable in situ thermal oil production in the southern
Learn more at: www.megenergy.com
For further information, please contact:
Investor Relations
T 403.767.0515
E invest@megenergy.com
Media Relations
T 403.775.1131
E media@megenergy.com
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1 Scope 1 and scope 2 emissions |
SOURCE
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