- (MEG) reports record-breaking first quarter operational and financial results for 2022
- Highlights include seeing record funds flow of $587 million
- MEG also reached record bitumen production volumes of 101,128 barrels per day
- Its capital expenditures of $88 million were used for sustaining and maintenance activities
- This resulted in a record free cash flow of $499 million
- Former company CFO is retiring later this year, and MEG is now looking to fill the role
- MEG Energy Corp. (MEG) is up 6.63 per cent and is trading at $20.75 per share as of 1:52 p.m. ET
MEG Energy (MEG) has reported record-breaking first quarter operational and financial results for 2022.
Highlights include seeing record funds flow from operating activities and adjusted funds flow of $587 million. MEG also reached record bitumen production volumes of 101,128 barrels per day.
Derek Evans, President and CEO, commented,
“The team achieved record quarterly production, which together with strong benchmark pricing and low differentials drove record free cash flow in the quarter, setting us up to be able to accelerate debt reduction and initiate share buybacks under our normal course issuer bid in the second quarter of this year.”
Operating expenses net of power revenue were $8.98 per barrel, including non‐energy operating costs of $4.74 per barrel.
The company’s total capital expenditures of $88 million were primarily directed towards sustaining and maintenance activities, resulting in record free cash flow of $499 million. It also completed the repayment of US$396 million in outstanding debt in the quarter.
Back in March, MEG received approval from the Toronto Stock Exchange for a normal course issuer bid which will allow the company to buy back up to 10 per cent of its public float over a one-year period.
One week after, MEG’s CFO announced his planned retirement starting in September. MEG is now conducting an external search for its next CFO.
MEG Energy Corp. (MEG) is up 6.63 per cent and is trading at $20.75 per share as of 1:52 p.m. ET.