MEG.TO - MEG Energy Corp.

Toronto - Toronto Delayed Price. Currency in CAD
5.19
0.00 (0.00%)
At close: 4:00PM EDT
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Previous Close5.19
Open5.19
Bid5.17 x N/A
Ask5.18 x N/A
Day's Range5.10 - 5.23
52 Week Range4.75 - 11.70
Volume1,262,472
Avg. Volume2,613,590
Market Cap1.541B
Beta (3Y Monthly)-0.52
PE Ratio (TTM)N/A
EPS (TTM)-1.04
Earnings DateJul 31, 2019 - Aug 6, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est8.25
  • Earn a Profit of $3,186 With These 3 Hated Stocks (in Just an Average-Sized TFSA)
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    Earn a Profit of $3,186 With These 3 Hated Stocks (in Just an Average-Sized TFSA)

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  • Thomson Reuters StreetEvents7 days ago

    Edited Transcript of MEG.TO earnings conference call or presentation 7-May-19 1:30pm GMT

    Q1 2019 MEG Energy Corp Earnings Call

  • As Anadarko Ignites Permian M&A, Energy Deals Ice Over in Canada
    Bloomberg9 days ago

    As Anadarko Ignites Permian M&A, Energy Deals Ice Over in Canada

    There have been 14 announced offers for Canadian exploration and production assets for a total value of $30.9 million this year through Friday, according to data compiled by Bloomberg. It’s an even more minuscule amount when compared to the U.S., where there were 84 announced deals with a total value of $91.4 billion this year through Friday. The deals freeze in Canada can be traced largely to the country’s inability to get new pipelines built, which has weighed on local heavy crude prices, said Stephanie Stimpson, a partner at law firm Torys in Calgary, who works on mergers on acquisitions.

  • MEG Energy reports $48 million loss despite 56% bitumen price increase
    The Canadian Press15 days ago

    MEG Energy reports $48 million loss despite 56% bitumen price increase

    CALGARY — A strong rebound in western Canadian oil markets helped deliver the highest realized bitumen prices in four years for oilsands producer MEG Energy Corp. in the first quarter, it said Tuesday.Revenue rose to $919 million, up 27 per cent from $721 million in the year-earlier quarter, beating analyst expectations of $651 million as reported by Thomson Reuters Eikon.The discount paid for Western Canadian Select bitumen blend crude compared with U.S. benchmark West Texas Intermediate fell after the Alberta government imposed production quotas in January to free up pipeline space."It goes without saying one of the most significant impacts on our strong Q1 results was the dramatic narrowing of the WCS differential from US$39 to US$12 a barrel from Q4 2018 to Q1 2019," said MEG CEO Derek Evans on a conference call.He said lower costs for the light petroleum used to dilute the bitumen for transportation also helped boost returns, as realized prices for MEG's blended bitumen rose 56 per cent versus the fourth quarter of 2018.The company set a $200-million 2019 budget in January after rival Husky Energy Inc. dropped a hostile takeover bid because it didn't win the needed two-thirds support from MEG shareholders.MEG said Tuesday it cut an unspecified number of staff in February to align with lower levels of capital spending and to optimize efficiency.In an email, vice-president Tara McCool wouldn't say how many staff were let go but said overall numbers at MEG are down 52 per cent since 2014. Corporate records show MEG had about 700 staff at the end of that year.A $75-million project to expand MEG's Christina Lake project capacity to 113,000 barrels per day from 100,000 bpd remains on hold until there is clarity on curtailments and oil export options, said Evans on the call.MEG bitumen production was 87,100 bpd in the first quarter, down from 93,200 bpd a year earlier, due to the Alberta curtailments.However, it said sales averaged 89,800 bpd as it shipped stored barrels to take advantage of higher prices, a move analysts said helped MEG beat their expectations for cash flow in the quarter.MEG intends to ramp up its crude-by-rail shipments to 30,000 bpd by the third quarter despite posting high delivery costs of US$23 per barrel for the 18,650 bpd it moved in the first quarter, Evans said.Rail costs from Edmonton to the U.S. Gulf Coast are expected to ease to between US$17 and $19 later this year, he said, adding bitumen is winning "premium" pricing there because of falling heavy oil imports from Venezuela and Mexico.MEG reported 31 per cent of its oil was sold in the Gulf Coast in the first quarter, where it realized a US$3 premium to barrels sold in the Edmonton market, net of rail and pipeline transportation costs.MEG reported a net loss of $48 million or 16 cents per share in the three months ended March 31, compared with a profit of $141 million or 47 cents in the same period a year ago.The loss included a net foreign exchange gain of $78 million and a loss on hedging contracts of $230 million.Its net earnings in the first quarter of 2018 included a $318-million gain on the sale of its half interest in the Access Pipeline in northern Alberta, a net foreign exchange loss of $108 million, and a loss on hedging of $76 million. Follow @HealingSlowly on Twitter. Companies in this article: (TSX:MEG)Dan Healing, The Canadian Press

  • Canada Likely to Proceed With Trans Mountain Expansion
    Bloomberg15 days ago

    Canada Likely to Proceed With Trans Mountain Expansion

    The government has made no secret about its interest in finding a way to expand the line, but has tiptoed around the matter to avoid opening any decision up to legal challenges that have already delayed the project -- and things remain fluid as consultations continue. Prime Minister Justin Trudeau has begun signaling his interest.

  • CNW Group16 days ago

    MEG Energy reports strong adjusted funds flow in first quarter 2019

    All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY , May 6, 2019 /CNW/ - MEG Energy Corp. ("MEG") reported its first quarter 2019 operational and financial results. ...

  • 3 Canadian Energy Stocks That Could Fail During 2019
    The Motley Fool20 days ago

    3 Canadian Energy Stocks That Could Fail During 2019

    MEG Energy Corp. (TSX:MEG), Pengrowth Energy Corp. (TSX:PGF), and Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) are all precariously placed and vulnerable to weaker oil.

  • CNW Group22 days ago

    MEG Energy holds conference call to discuss first quarter 2019 operating and financial results

    CALGARY , April 30, 2019 /CNW/ - MEG Energy Corp. (TSX:MEG) will release its first quarter 2019 financial and operating results before market open on Tuesday, May 7, 2019 .  Management's discussion and ...

  • Warren Buffett Has Just Signaled it Is Time to Start Investing in Oil
    The Motley Fool22 days ago

    Warren Buffett Has Just Signaled it Is Time to Start Investing in Oil

    Intermediate oil producers such as MEG Energy Corp (TSX:MEG) could become targets as a wave of consolidation sweeps across North America's energy patch.

  • Bargain Buys: 3 Stocks Down Big This Year With Lots of Upside
    The Motley Fool29 days ago

    Bargain Buys: 3 Stocks Down Big This Year With Lots of Upside

    MEG Energy Corp (TSX:MEG) and these two other stocks are trading below their book values and could be great deals for investors that buy today.

  • Thomson Reuters StreetEventslast month

    Edited Transcript of MEG.TO earnings conference call or presentation 8-Mar-19 1:30pm GMT

    Q4 2018 MEG Energy Corp Earnings Call

  • Attention TFSA Traders: 3 Red-Hot Stocks to Ride in the 2nd Half of April
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  • Canadian energy stocks are ‘going to look fantastic’ next quarter, say money managers
    Yahoo Finance Canadalast month

    Canadian energy stocks are ‘going to look fantastic’ next quarter, say money managers

    Investors are shunning Canadian energy stocks in the face of a rebound in oil prices that promises to deliver strong earnings from companies hardened by a rough 2018, according to money managers following the battered sector.

  • Should You Buy Husky Energy Inc. (TSX:HSE) or MEG Energy Corp (TSX:MEG)?
    The Motley Foollast month

    Should You Buy Husky Energy Inc. (TSX:HSE) or MEG Energy Corp (TSX:MEG)?

    It's a buyer's market for Canadian energy stocks right now. Which bargain stocks should you scoop up, Husky Energy Inc. (TSX:HSE) or MEG Energy Corp (TSX:MEG)?

  • The Canadian Press2 months ago

    Most actively traded companies on the TSX

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  • 3 Small-Cap Stocks Near 52-Week Lows
    The Motley Fool2 months ago

    3 Small-Cap Stocks Near 52-Week Lows

    Looking for small-cap bargain stocks? Check out Peyto Exploration & Development Corp (TSX:PEY), MEG Energy Corp (TSX:MEG), and Westshore Terminals Investment Corp (TSX:WTE).

  • Canadian, Brazilian oil producers lock in revenues as prices rally: sources
    Reuters2 months ago

    Canadian, Brazilian oil producers lock in revenues as prices rally: sources

    Oil producers in Canada have jumped on an opportunity to lock in revenues for 2019 and 2020 as average crude futures for those years have soared over 20 percent to their highest levels this year, sources familiar with the deals said. Brazil's state-run oil giant Petróleo Brasileiro SA was also executing a part of its annual oil hedge last week, dealers and banking sources said. Canadian oil is priced against U.S. crude futures, and producers use a combination of the benchmark futures and other financial tools to protect against fluctuations in prices.

  • Reuters2 months ago

    Canadian, Brazilian oil producers lock in revenues as prices rally -sources

    Oil producers in Canada have jumped on an opportunity to lock in revenues for 2019 and 2020 as average crude futures for those years have soared over 20 percent to their highest levels this year, sources familiar with the deals said. Brazil's state-run oil giant Petróleo Brasileiro SA was also executing a part of its annual oil hedge last week, dealers and banking sources said. Canadian oil is priced against U.S. crude futures, and producers use a combination of the benchmark futures and other financial tools to protect against fluctuations in prices.

  • Oilprice.com2 months ago

    Why Canadian Oil Giants Won’t Expand Production Capacity

    Canadian E&Ps are delaying or canceling projects, citing long-lasting pipeline woes as a major obstacle for the industry

  • Oil Prices Surge To Multi-Month Highs
    Oilprice.com2 months ago

    Oil Prices Surge To Multi-Month Highs

    Oil prices have surged to multi-month highs as a slowdown in U.S. production growth combines with outages in Venezuela and Iran

  • Line 3 pipeline delays make oilsands expansion unlikely, MEG Energy says
    The Canadian Press2 months ago

    Line 3 pipeline delays make oilsands expansion unlikely, MEG Energy says

    The CEO of MEG Energy Corp. says a one-year delay in Enbridge Inc.'s Line 3 pipeline replacement project makes it highly unlikely it will approve an option to spend about $75 million to complete an expansion of its Christina Lake oilsands project in northern Alberta. Derek Evans says about 60 per cent of the $275-million cost of the expansion has already been invested and it will take about a year to bring into production once approved, but there's no point in doing so if there's no pipeline capacity to carry the oil to market. Last week, Enbridge said permitting delays in Minnesota meant its Line 3 project, expected to add 370,000 barrels per day of export capacity of Canadian crude, won't open until the second half of 2020, a year later than expected.

  • Oilsands producer MEG Energy posts $199M loss, vows to ship more oil by rail
    The Canadian Press2 months ago

    Oilsands producer MEG Energy posts $199M loss, vows to ship more oil by rail

    CALGARY — Oilsands producer MEG Energy says it has doubled its crude-by-rail shipments and will double them again to maximize prices in view of insufficient pipeline export capacity from Western Canada.The Calgary-based company says steep discounts for the bitumen it produces at its northern Alberta steam-driven project resulted in a net loss of $199 million or 67 cents per share in the fourth quarter of 2018.That compares with a net loss of $24 million or eight cents per share in the year-earlier period.MEG says it had an operating loss of $118 million compared with an operating profit of $44 million as its average realized price fell to $13.90 per barrel in the fourth quarter from $48.30 in the same period of 2017.The company says its rail volumes doubled to 14,700 barrels per day in the last three months of 2018 from the previous quarter.It says it expects crude by rail to average 20,000 bpd in the current quarter and increase to 30,000 bpd by next fall."Since January, in conjunction with the provincially mandated (production) curtailments for the industry and the increase in overall crude-by-rail exports, commodity prices have improved significantly, and our barrels have returned to profitability," said CEO Derek Evans in a news release. Companies in this article: (TSX:MEG)The Canadian Press

  • Reuters2 months ago

    MEG Energy posts bigger-than-expected quarterly loss

    Alberta oil producers have endured record discounts on benchmark Canadian heavy crude because of congestion on export pipelines that led to a glut of crude building up in storage tanks. MEG, whose key operations are in the Athabasca oil sands region in Alberta, said bitumen production fell to 87,582 barrels per day (bpd) in the fourth quarter from 90,228 bpd a year earlier, while average realized prices for bitumen fell to C$13.90 per barrel from C$48.30. Bitumen is a low-grade crude oil which is composed of complex, heavy hydrocarbons.