MEGEF - MEG Energy raises 2021 production guidance after strong Q2

dan_prat/E+ via Getty Images MEG Energy ([[MEGEF]] +5.9%) is on the move after swinging to a Q2 profit and raising its full-year production guidance. The company earned C$68M in net profits in Q2, compared with a loss of $9M in the prior-year quarter, on revenues of C$1.01B, nearly double C$533M in revenues a year ago; MEG was expected to earn C$0.12/share on $846M of revenues. Q2 production rose 21% Y/Y to 91.8K bbl/day, prompting MEG to raise guidance for full-year bitumen production to 91K-93K bbl/day from 86K-90K bbl/day forecast in December. MEG says the strong quarter also gives it confidence to bring its Christina Lake facility in Alberta back to full capacity and to restart debt reduction. The company says it redeemed $125M of debt and expects to apply all free cash flow generated in this year's H2 to debt reduction. MEG says Christina Lake work will require $125M of

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MEG Energy raises 2021 production guidance after strong Q2