MEG Energy announces third quarter 2024 financial and operating results
"Following another strong financial and operational quarter, we have delivered on our long-standing commitment to reduce net debt. Moving forward, 100% of free cash flow will be returned to shareholders through expanded share buybacks and a quarterly base dividend," said Ms.
Third quarter highlights:
- Generated funds flow from operating activities ("FFO") of
$362 million ($1.34 per share), while investing capital expenditures of$141 million , resulting in free cash flow of$221 million ($0.82 per share); - Successfully completed the Corporation's debt reduction and balance sheet strengthening strategy, positioning the Corporation to deliver enhanced return of capital to shareholders;
- Reduced net debt to
US$478 million (approximately$646 million ) as atSeptember 30, 2024 ; - Outstanding debt is comprised solely of 5.875% senior unsecured notes due 2029;
- Repurchased and cancelled 4.1 million shares for
$108 million in the third quarter. Year-to-date repurchases total 11.1 million shares for$303 million ; - Paid the inaugural quarterly base dividend of
$0.10 per share onOctober 15, 2024 ; - Commenced return of 100% of free cash flow to shareholders in
October 2024 through expanded share buybacks and a quarterly base dividend;
- Reduced net debt to
- Delivered average bitumen production of 103,298 bbls/d (2.36 steam-oil ratio) despite significant wildfires on the
Christina Lake Regional Project lease; - Initiated steaming of second new well pad in late September with production scheduled to begin in December;
- Maintained top-tier operating performance with non-energy operating costs of
$5.18 per barrel and energy operating costs net of power revenue of$0.64 per barrel; - On
November 5, 2024 , the Corporation's Board of Directors declared a quarterly base dividend of$0.10 per share for payment onJanuary 15, 2025 , to shareholders of record onDecember 16, 2024 ; and - The Corporation's 2024 operating and capital guidance remains unchanged.
__________ |
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1 |
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen unless otherwise noted. The Corporation's Non-GAAP and Other Financial Measures are detailed in the Advisory section of this news release. They include: cash operating netback, bitumen realization net of transportation and storage expense, operating expenses net of power revenue, energy operating costs net of power revenue, non-energy operating costs, energy operating costs, adjusted funds flow, free cash flow and net debt. |
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Nine months ended |
2024 |
2023 |
2022 |
||||||
($millions, except as indicated) |
2024 |
2023 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Operational results: |
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|
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|
Bitumen production - bbls/d |
102,641 |
98,835 |
103,298 |
100,531 |
104,088 |
109,112 |
103,726 |
85,974 |
106,840 |
110,805 |
Steam-oil ratio |
2.39 |
2.26 |
2.36 |
2.44 |
2.37 |
2.28 |
2.28 |
2.25 |
2.25 |
2.22 |
Bitumen sales - bbls/d |
101,324 |
97,194 |
105,255 |
93,140 |
105,534 |
112,634 |
101,625 |
83,531 |
106,480 |
113,582 |
Benchmark pricing: |
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WTI - US$/bbl |
77.54 |
77.39 |
75.09 |
80.57 |
76.96 |
78.32 |
82.26 |
73.78 |
76.13 |
82.65 |
Differential - WTI:WCS - US$/bbl |
(15.49) |
(17.65) |
(13.55) |
(13.61) |
(19.31) |
(21.89) |
(12.91) |
(15.16) |
(24.88) |
(25.89) |
AWB - |
60.86 |
57.60 |
60.62 |
65.99 |
55.96 |
54.53 |
67.88 |
56.41 |
48.50 |
53.51 |
Financial results: |
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Bitumen realization after net transportation & storage expense(1) $/bbl |
66.22 |
62.04 |
65.61 |
73.84 |
60.10 |
63.52 |
84.75 |
57.64 |
43.40 |
54.75 |
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Non-energy operating costs(2) - $/bbl |
5.32 |
5.16 |
5.18 |
5.63 |
5.18 |
4.64 |
5.15 |
5.66 |
4.77 |
4.34 |
Energy operating costs net of power revenue(1) - $/bbl |
0.94 |
0.75 |
0.64 |
0.99 |
1.19 |
1.46 |
(0.04) |
0.97 |
1.36 |
1.49 |
Operating expenses net of power revenue(1) - $/bbl |
6.26 |
5.91 |
5.82 |
6.62 |
6.37 |
6.10 |
5.11 |
6.63 |
6.13 |
5.83 |
Cash operating netback(1) - $/bbl |
42.65 |
45.19 |
41.35 |
47.14 |
39.99 |
38.65 |
58.64 |
42.38 |
34.32 |
43.89 |
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|
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General & administrative expense - $/bbl of bitumen production volumes |
1.99 |
1.84 |
1.80 |
1.98 |
2.18 |
1.89 |
1.73 |
1.85 |
1.94 |
1.62 |
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Royalties |
459 |
270 |
169 |
162 |
128 |
186 |
181 |
58 |
31 |
54 |
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Funds flow from operating activities |
1,045 |
1,118 |
362 |
354 |
329 |
358 |
492 |
278 |
348 |
383 |
Per share, diluted |
3.83 |
3.85 |
1.34 |
1.30 |
1.19 |
1.27 |
1.71 |
0.96 |
1.19 |
1.28 |
Adjusted funds flow(3) |
1,045 |
1,044 |
362 |
354 |
329 |
358 |
492 |
278 |
274 |
401 |
Per share, diluted(3) |
3.83 |
3.60 |
1.34 |
1.30 |
1.19 |
1.27 |
1.71 |
0.96 |
0.94 |
1.34 |
Capital expenditures |
376 |
345 |
141 |
123 |
112 |
104 |
83 |
149 |
113 |
106 |
Free cash flow(3) |
669 |
699 |
221 |
231 |
217 |
254 |
409 |
129 |
161 |
295 |
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Debt repayments - US$ |
258 |
194 |
100 |
53 |
105 |
128 |
68 |
40 |
86 |
150 |
Share repurchases - C$ |
303 |
227 |
108 |
68 |
127 |
219 |
58 |
66 |
103 |
196 |
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Revenues |
4,002 |
4,209 |
1,265 |
1,373 |
1,364 |
1,444 |
1,438 |
1,291 |
1,480 |
1,445 |
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Net earnings (loss) |
401 |
466 |
167 |
136 |
98 |
103 |
249 |
136 |
81 |
159 |
Per share, diluted |
1.47 |
1.61 |
0.62 |
0.50 |
0.36 |
0.37 |
0.86 |
0.47 |
0.28 |
0.53 |
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Long-term debt, including current portion |
804 |
1,323 |
804 |
954 |
1,015 |
1,124 |
1,323 |
1,382 |
1,466 |
1,581 |
Net debt(3) - US$ |
478 |
885 |
478 |
634 |
687 |
730 |
885 |
994 |
1,020 |
1,026 |
(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
FFO and AFF decreased to
Bitumen realization after net transportation and storage expense fell to
FCF decreased to
Net earnings decreased to
The
The
Production and Operating Results
Bitumen production in the third quarter of 2024 was 103,298 bbls/d at a 2.36 steam-oil ratio ("SOR") similar to 103,726 bbls/d at a 2.28 SOR in the same period of 2023. A higher 2.36 SOR in the third quarter of 2024 primarily reflects the planned timing of injecting steam in new well starts.
Capital expenditures increased to
Non‐energy operating costs were
Energy operating costs net of power revenue increased to
Capital Allocation Strategy
Approximately 50% of FCF was allocated to debt redemption in the nine months ended
MEG's inaugural
MEG, along with its
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 |
2024 AFF Sensitivity(1)(2) - C$mm |
WCS Differential (US$/bbl) |
+/- |
+/- C$47mm |
WTI (US$/bbl) |
+/- |
+/- C$31mm |
Bitumen Production (bbls/d) |
+/- 1,000 bbls/d |
+/- C$16mm |
Condensate (US$/bbl) |
+/- |
+/- C$14mm |
Exchange Rate (C$/US$) |
+/- |
+/- C$10mm |
Non-Energy Opex (C$/bbl) |
+/- |
+/- C$6mm |
|
+/- |
+/- C$6mm |
(1) |
Each sensitivity is independent of changes to other variables. |
(2) |
Assumes mid-point of 2024 production guidance, |
(3) |
Assumes 1.4 GJ/bbl of bitumen, 65% of 160 MW of power generation sold externally and a 25.0 GJ/MWh heat rate. |
Conference Call
A conference call will be held to review MEG's third quarter 2024 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 as issued by the
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.
The following table reconciles FFO to AFF to FCF:
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Three months ended |
Nine months ended |
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($millions) |
2024 |
2023 |
2024 |
2023 |
Funds flow from operating activities |
$ 362 |
$ 492 |
$ 1,045 |
$ 1,118 |
Adjustments: |
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|
|
|
Impact of cash-settled SBC units subject to equity price risk management |
— |
— |
— |
13 |
Realized equity price risk management gain |
— |
— |
— |
(87) |
Adjusted funds flow |
362 |
492 |
1,045 |
1,044 |
Capital expenditures |
(141) |
(83) |
(376) |
(345) |
Free cash flow |
$ 221 |
$ 409 |
$ 669 |
$ 699 |
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 |
$ 804 |
$ 1,124 |
Cash and cash equivalents |
(158) |
(160) |
Net debt - C$ |
$ 646 |
$ 964 |
Net debt - US$ |
$ 478 |
$ 730 |
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 and comprehensive income 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:
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Three months ended |
Nine months ended |
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($millions) |
2024 |
2023 |
2024 |
2023 |
Revenues |
$ 1,265 |
$ 1,438 |
$ 4,002 |
$ 4,209 |
Diluent expense |
(403) |
(359) |
(1,271) |
(1,220) |
Transportation and storage expense |
(171) |
(157) |
(448) |
(452) |
Purchased product |
(214) |
(279) |
(859) |
(1,066) |
Operating expenses |
(66) |
(80) |
(218) |
(252) |
Realized gain (loss) on commodity risk management |
(10) |
(14) |
(22) |
(19) |
Cash operating netback |
$ 401 |
$ 549 |
$ 1,184 |
$ 1,200 |
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 and comprehensive income, 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:
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Three months ended |
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2024 |
2023 |
2024 |
2023 |
||||
($millions, except as indicated) |
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$/bbl |
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$/bbl |
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$/bbl |
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$/bbl |
Revenues |
$ 1,265 |
|
$ 1,438 |
|
$ 4,002 |
|
$ 4,209 |
|
Power and transportation revenue |
(10) |
|
(33) |
|
(46) |
|
(98) |
|
Royalties |
169 |
|
181 |
|
459 |
|
270 |
|
Petroleum revenue |
1,424 |
|
1,586 |
|
4,415 |
|
4,381 |
|
Purchased product |
(214) |
|
(279) |
|
(859) |
|
(1,066) |
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Blend sales |
1,210 |
$ 90.51 |
1,307 |
|
3,556 |
$ 90.37 |
3,315 |
$ 88.18 |
Diluent expense |
(403) |
(7.25) |
(359) |
(0.06) |
(1,271) |
(8.06) |
(1,220) |
(9.20) |
Bitumen realization |
$ 807 |
$ 83.26 |
$ 948 |
|
$ 2,285 |
$ 82.31 |
$ 2,095 |
$ 78.98 |
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 and comprehensive income.
Power and transportation revenue is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income, 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.
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Three months ended |
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2024 |
2023 |
2024 |
2023 |
||||
($millions, except as indicated) |
|
$/bbl |
|
$/bbl |
|
$/bbl |
|
$/bbl |
Transportation and storage expense |
$ (171) |
|
$ (157) |
$ (16.83) |
$ (448) |
|
$ (452) |
$ (17.04) |
Power and transportation revenue |
$ 10 |
|
$ 33 |
|
$ 46 |
|
$ 98 |
|
Less power revenue |
(10) |
|
(32) |
|
(45) |
|
(95) |
|
Transportation revenue |
$ — |
$ 0.04 |
$ 1 |
$ 0.11 |
$ 1 |
$ 0.06 |
$ 3 |
$ 0.10 |
|
|
|
|
|
|
|
|
|
Net transportation and storage expense |
$ (171) |
|
$ (156) |
$ (16.72) |
$ (447) |
|
$ (449) |
$ (16.94) |
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 AWB sales price after net transportation and storage expense by utilizing its network of pipeline and storage facilities to optimize market access.
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Three months ended |
Nine months ended |
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|
2024 |
2023 |
2024 |
2023 |
||||
($millions, except as indicated) |
|
$/bbl |
|
$/bbl |
|
$/bbl |
|
$/bbl |
Bitumen realization(1) |
$ 807 |
|
$ 948 |
$ 101.47 |
|
|
|
|
Net transportation and storage expense(1) |
(171) |
(17.65) |
(156) |
(16.72) |
(447) |
(16.09) |
(449) |
(16.94) |
Bitumen realization after net transportation and storage expense |
$ 636 |
|
$ 792 |
$ 84.75 |
|
|
|
|
(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 Christina Lake project after factoring in the benefits from selling excess power to offset energy costs.
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 and comprehensive income. Power and transportation revenue is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income 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.
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Three months ended |
Nine months ended |
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|
2024 |
2023 |
2024 |
2023 |
||||
($millions, except as indicated) |
|
$/bbl |
|
$/bbl |
|
$/bbl |
|
$/bbl |
Non-energy operating costs |
$ (49) |
$ (5.18) |
$ (48) |
$ (5.15) |
$ (147) |
$ (5.32) |
$ (137) |
$ (5.16) |
Energy operating costs |
(17) |
(1.70) |
(32) |
(3.42) |
(71) |
(2.54) |
(115) |
(4.34) |
Operating expenses |
$ (66) |
$ (6.88) |
$ (80) |
$ (8.57) |
$ (218) |
$ (7.86) |
$ (252) |
$ (9.50) |
|
|
|
|
|
|
|
|
|
Power and transportation revenue |
$ 10 |
|
$ 33 |
|
$ 46 |
|
$ 98 |
|
Less transportation revenue |
— |
|
(1) |
|
(1) |
|
(3) |
|
Power revenue |
$ 10 |
$ 1.06 |
$ 32 |
$ 3.46 |
$ 45 |
$ 1.60 |
$ 95 |
$ 3.59 |
|
|
|
|
|
|
|
|
|
Operating expenses net of power revenue |
$ (56) |
$ (5.82) |
$ (48) |
$ (5.11) |
$ (173) |
$ (6.26) |
$ (157) |
$ (5.91) |
|
|
|
|
|
|
|
|
|
Energy operating costs net of power revenue |
$ (7) |
$ (0.64) |
$ — |
$ 0.04 |
$ (26) |
$ (0.94) |
$ (20) |
$ (0.75) |
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 plans to return 100% of free cash flow to shareholders going forward through expanded share buybacks and a quarterly base dividend; the anticipated start date of production from the Corporation's second new well pad; and the Corporation's adjusted funds flow sensitivity estimates.
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 reaction of heavy oil differentials in response to increased Canadian pipeline capacity; 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 federal and provincial climate change policies, in which MEG conducts and will conduct its business; 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 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 ESG goals; 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; 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 AFF based on certain market variables, 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 the factors that could affect such 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 in situ thermal oil production in the southern
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