MEG Energy Announces 2013 Capital Budget and Production Guidance

By MT Newswires,  December 10, 2012, 03:53:46 PM EDT

MEG Energy Corp. (MEG.TO) released its 2013 capital budget and production guidance today, which includes planned capital investment of approximately $1.9 billion (including $90 million deferred from previously planned 2012 investments) and a production target of 32,000 to 35,000 barrels per day (bpd).

Production is set to grow by 20% in 2013, the company said, adding it is on track to deliver 80,000 bpd by early 2015. The company says improved efficiency will drive non-energy costs to $9-$11 per barrel, a 10% reduction from 2012 guidance.

MEG is planning to invest approximately $700 million in growth capital at its Christina Lake project, scheduled to be completed in the second half of 2013.

MEG shares were off 3% to $33.65.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

How Canada's Immigration Debate Differs From The United States'
How Canada's Immigration Debate Dif...
Could Canada's Start-Up Visa Program Lure Innovators Away From U.S.?
Could Canada's Start-Up Visa Progra...
A Million Bucks Ain't Enough
A Million Bucks Ain't Enough        
Woman Who Made Six Figures Is Now Homeless
Woman Who Made Six Figures Is Now H...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
PFE $ 29.16 0.07  0.24%
BAC $ 13.21 0.14  1.07%
SIRI $ 3.34 0.07  2.14%
MU $ 13.24 0.48  3.76%
MSFT $ 34.99 0.59  1.72%
S $ 7.22 0.10  1.37%
CSCO $ 24.70 0.61  2.53%
INTC $ 25.10 0.18  0.72%