MEG Energy Announces 2013 Capital Budget and Production Guidance

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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.



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