The following is a summary of the MEG Energy Corp. (MEGEF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• MEG Energy reported Q3 2024 revenue reflecting the first full period of TMX operations and a significant reduction in Western Canadian Select (WCS) volatility.

• The company achieved a strong third-quarter production average of approximately 103,300 barrels per day with low operating expenses of $5.82 per barrel.

• $362 million in adjusted funds flow was generated, along with $221 million in free cash flow allowing for the repayment of remaining 2027 notes and repurchase of 4.1 million shares.

Business Progress:

• MEG Energy hit their net debt target and announced an inaugural quarterly dividend of $0.10 per share.

• Progressed significantly with new SAGD well pads despite delays from the July wildfire.

• Capital investments of $141 million were made towards field development and moderate capacity growth projects.

• Pathways Alliance continues to advance its carbon capture storage project, seeking necessary government support and regulatory approvals.

Opportunities:

• The first full period of TMX operations provided reliable access to global markets, improving market diversification.

• The continued low levels of heavy crude inventories in North America and reliable pipeline operations suggest that WCS volatility is expected to remain low.

Risks:

• Production for 2024 is trending towards the low end of the guidance range due to impacts from earlier cold weather and wildfires.

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