MEGEF News and Press, Meg Energy Corp From 04/18/22

MEG Energy is our 2nd largest position in the portfolio. At $105/bbl WTI, it has a free cash flow yield of over ~30%. By year-end, MEG Energy's debt level will be well below C$1 billion, allowing it to return more capital back to shareholders. MEG also has no oil hedges this y...

BMO analyst John Gibson upgraded STEP Energy Services (OTCPK:SNVVF) to buy as pricing for pressure pumping services inflects higher. At less than 3x 2022 EBITDA, strong utilization and improved pricing should drive ~40% upside for shares in the near term. STEP (OTCPK:SNVVF) generated ~$120m i...

TD Securities updated the bank's oil price forecast and earning estimates Thursday; the bank now forecasts $85 WTI (USO) in 2022 and $75 WTI in 2023. Along with the commodity price adjustment, TD downgraded MEG (OTCPK:MEGEF) to hold from buy, as the analyst now sees Christina Lake achieving "...

Annual maintenance work at Alberta's oil sands will shutter 250K bbl/day, or ~5% of Canadian crude production, during Q2, Tudor Pickering Holt analysts estimate. This year's annual spring maintenance season is ramping up just as global oil prices have spiked following Russia's invasion of Ukr...

Late Monday, Alberta Premier Jason Kenney referred to the 900kb/d Keystone XL pipeline when he said, "during a disaster like this, national security and the interest of the economy must prevail." The oil pipeline connecting Alberta to Steele City, Nebraska was canceled under Obama, only to be...

MEG is hitting record production as oil prices soar. It stopped hedging production and will fully benefit from oil price appreciation. The company hit its debt target, meaning share buybacks will begin soon. For further details see: MEG: Hitting Record Production At Just...

MEG Energy Corp. (MEGEF) Q4 2021 Earnings Conference Call March 4, 2022 8:30 AM ET Company Participants Derek Evans - President and Chief Executive Officer, and Director Eric Toews - Chief Financial Officer Darlene Gates - Chief Operating Officer Lyle Yuzdepski - General Counsel and Corporate...

MEG Energy (OTCPK:MEGEF) issued a notice to redeem the remaining $171M principal balance outstanding of its 6.50% senior secured second lien notes due 2025 at a redemption price of 101.625%. The redemption is expected to be completed on or about Apr.4. Inclusive of the redemption, MEG wi...

Meg Energy press release (OTCPK:MEGEF): Q4 GAAP EPS of C$0.57. Revenue of C$1.31B (+66.7% Y/Y). For further details see: Meg Energy GAAP EPS of C$0.57, revenue of C$1.31B

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