MEG Energy Corp. (T:MEG)
Business Focus: Unconventional Oil & Gas Production
| Sector: Energy | Industry: Oil & Gas Exploration and Production |
| Company Contact | |
| Address: | 600 - 3rd Avenue S.W., 21st Floor CALGARY AB T2P 0G5 |
| Tel: | N/A |
| Website: | www.megenergy.com |
| IR: | See website |
| Key People | ||
| Derek W. Evans President, Chief Executive Officer, Director | Ryan M. Kubik Chief Financial Officer | Darlene Miriam Gates Chief Operating Officer |
| Lyle S. Yuzdepski Senior Vice President - Legal, General Counsel, Corporate Secretary | Thomas R. Gear Vice President - Operations | |
| Business Overview |
| MEG Energy Corp. is a Canada-based energy company focused on sustainable in-situ thermal oil production in the southern Athabasca region of Alberta, Canada. The Company is engaged in the development of enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil, as well as lower carbon emissions. It transports and sells thermal oil (AWB) to customers throughout North America and internationally. The Company owns a 100% interest in over 410 square miles of mineral leases in the southern Athabasca oil region of Alberta, Canada and is primarily engaged in sustainable in situ thermal oil production at its Christina Lake Project. Christina Lake Project is a multi-phased project, located 150 kilometers south of Fort McMurray in northeast Alberta. It comprised of approximately 200 square kilometers of leases. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, MEG Energy Corp revenues decreased 8% to C$5.65B. Net income decreased 37% to C$569M. Revenues reflect Petroleum revenue, net of royalties segment decrease of 7% to C$5.54B, Power revenue segment decrease of 21% to C$114M, United States segment decrease of 3% to C$4.41B, Canada segment decrease of 5% to C$1.59B. Net income also reflects Depletion and depreciation increase of 18% to C$596M (expense). |
| Employees: | 449 as of Dec 31, 2023 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $9,705M as of Dec 31, 2023 |
| Annual revenue (TTM): | $5,653M as of Dec 31, 2023 |
| EBITDA (TTM): | $1,524M as of Dec 31, 2023 |
| Net annual income (TTM): | $569.00M as of Dec 31, 2023 |
| Free cash flow (TTM): | $900.00M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $1,223M as of Dec 31, 2023 |
| Shares outstanding: | 272,603,960 as of Apr 3, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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