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The year-to-date results confirm MEG Energy's (OTCPK:MEGEF) strong free cash flow potential. With oil production curtailment in Alberta because of egress capacity constraints, the Canadian oil sands producer transitioned to a free cash flow model thanks to its moderate sustaining capital requirements.
And with its next-year capital program, MEG Energy will keep on delivering solid free cash flow. But despite its attractive free cash flow yield above 32%, the company's debt wall that starts in 2023 represents an important risk.