Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

MEG Energy Corp. (T:MEG)

Business Focus: Unconventional Oil & Gas Production

Sector:  Energy Industry:  Oil & Gas Exploration and Production
See Regulatory Filings on SEDAR
Company Contact
Address: 600 - 3rd Avenue S.W., 21st Floor
Tel: N/A
IR: See website
Key People
Derek W. Evans
President, Chief Executive Officer, Director
Eric L. Toews
Chief Financial Officer
Darlene Miriam Gates
Chief Operating Officer
Lyle S. Yuzdepski
Senior Vice President - Legal, General Counsel, Corporate Secretary
Chi-Tak Yee
Chief Technology Officer
Business Overview
MEG Energy Corp. is a Canada-based energy company. The Company is focused on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The Company is developing enhanced oil recovery projects that utilize steam-assisted gravity drainage (SAGD) extraction methods to improve the economic recovery of oil as well as lower carbon emissions. The Company transports and sells its thermal oil to customers throughout North America and internationally. Its technologies include SAGD, enhanced Modified Steam and Gas Push (eMSAGP), enhanced Modified VAPour EXtraction(eMVAPEX), and Cogeneration. It owns, leases and contracts for services at multiple facilities in order to transport, store and deliver Access Western Blend (AWB) to its customers. The Company's Christina Lake Project is a multi-phased project located 150 kilometers south of Fort McMurray in northeast Alberta. The project is comprised of approximately 200 square kilometers of leases.
Financial Overview
For the fiscal year ended 31 December 2022, MEG Energy Corp revenues increased 42% to C$6.12B. Net income increased from C$283M to C$902M. Revenues reflect Petroleum revenue, net of royalties segment increase of 41% to C$5.97B, Power revenue segment increase of 66% to C$144M, United States segment increase of 87% to C$4.53B. Net income benefited from Realized loss (gain) on commodity risk decrease from C$314M (expense) to C$10M (income).
Employees: 429 as of Dec 31, 2022
Reporting Currency: Canadian Dollars
Enterprise value: $7,635M as of Dec 31, 2022
Annual revenue (TTM): $6,118M as of Dec 31, 2022
EBITDA (TTM): $2,082M as of Dec 31, 2022
Net annual income (TTM): $902.00M as of Dec 31, 2022
Free cash flow (TTM): $1,512M as of Dec 31, 2022
Net Debt Last Fiscal Year: $1,633M as of Dec 31, 2022
Shares outstanding: 287,716,789 as of Mar 14, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization