Edited Transcript of MEG.TO earnings conference call or presentation 5-May-20 12:30pm GMT Yahoo 05/25 18:40 ET Credit Suisse Keeps Neutral Rating, Raises TP on MEG Energy … MEG is actively developing innovative enhanced oil recovery projects that utilize steam- assisted gravity drainage ("SAGD") extraction methods to improve the responsible economic recovery of oil as well as lower carbon emissions. The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements.

Cash operating netback is a non-GAAP measure and does not have a standardized meaning prescribed by IFRS and therefore  may not be comparable to similar measures used by other companies. This is consistent with MEG's financial discipline in 2020, where the current year's capital program remains on track to be fully funded with internally generated funds.

MEG expects to build free cash flow through the fourth quarter of 2020 with 80% of our WTI exposure hedged at US$45.76 per barrel. A company with efficient margins is able to turn revenues into the most net income. While the development of the 2021 capital budget remains in progress, it will be designed to be fully funded with internally generated funds. Free cash flow is calculated as adjusted funds flow less capital expenditures. Cryptocurrencies: Cryptocurrency quotes are updated in real-time.
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Costs incurred to mitigate rail sales contract exposure. The increase in sales to the USGC in the third quarter of 2020 is primarily a result of the Corporation's increased contracted transportation capacity on the Flanagan South and Seaway Pipeline systems ("FSP") effective July 1, 2020 from 50,000 bbls/d to 100,000 bbls/d. Includes WTI fixed price swaps and WTI sold put options entered into for both Q4 2020 and the full year 2021. Sign in. Additionally, MEG's modified covenant-lite $800 million revolving credit facility has no financial maintenance covenant unless drawn in excess of $400 million. Based on better than expected production performance during and post-turnaround, MEG is revising upward its full year 2020 average production from 78,000 – 80,000 bbls/d to 81,000 – 82,000 bbls/d. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. MEG continues to proactively respond to the safety and financial challenges associated with the COVID-19 pandemic and remains committed to ensuring the health and safety of all of its personnel and the safe and reliable operation of the Christina Lake facility. Cash operating netback is a non-GAAP measure widely used in the oil and gas industry as a supplemental measure of a company's efficiency and its ability to fund future capital expenditures. MEG prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS") and presents financial results in Canadian dollars ($ or C$), which is the Corporation's functional currency. Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. For full year 2021, to date MEG has entered into enhanced WTI fixed price hedges with sold put options for approximately 25% of forecast bitumen production at an average price of US$46.25 per barrel. Weighted average fixed WTI price (US$/bbl), Enhanced WTI Fixed Price Hedges with Sold Put Options(1), Weighted average fixed WTI price (US$/bbl) /, Weighted average fixed WTI:WCS differential (US$/bbl), Weighted average % of WTI landed in Edmonton (%)(4), Weighted average fixed AECO price (C$/GJ). MEG Energy is a Canadian energy company focused on sustainable in situ thermal oil production. Investor RelationsT 587.293.6045E invest@megenergy.com, Media RelationsT 587.233.8396E media@megenergy.com, © Canada Newswire, source Canada Newswire English, Enhanced WTI Fixed Price Hedges with Sold Put Options, TSX drops as COVID-19 cases rise; oil weighs, President, Chief Executive Officer & Director. Yahoo is part of Verizon Media. Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in MEG's most recently filed Annual Information Form ("AIF"), along with MEG's other public disclosure documents. These changes contributed to the decrease in the Corporation's cash operating netback to $16.58 per barrel in the third quarter of 2020 compared to $25.84 per barrel in the second quarter of 2020.

Total aggregate G&A has remained relatively consistent quarter over quarter and included the impact of MEG's continuing efforts to drive efficiency into its cost structure through salary rollbacks, reductions in staffing levels and vendor concessions, as well as various government led initiatives, including CEWS.
The economic decision to divert sales volumes from rail contracts at Edmonton to the USGC more than recovered the cost of contract cancellations. Where applicable, the average % of WTI landed in Edmonton includes estimated net transportation costs to Edmonton. Revenues are used for all operating expenses as well as other line items which eventually lead to the net income for the company. Its projects include Cristina Lake and Surmont.,The company was founded by William J. McCaffrey, Steve Turner, and David J. Wizinsky on March 9, 1999 and is headquartered in Calgary, Canada. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. MEG remains well positioned from a financial liquidity perspective, benefiting not only from its significant 2020 hedge book and the term and structure of its outstanding indebtedness and credit facility, but also from the low decline and low cost structure of its high-quality Christina Lake asset. Revised non-energy operating costs and G&A expense guidance ranges include approximately $15 million and $7 million, respectively, of temporary cost reductions including CEWS. Includes 5,000 GJ/d of physical forward purchases for 2021 at a fixed AECO price. Due to better than expected production levels during and post-turnaround, annual average production guidance has been revised higher to 81,000 - 82,000 bbls/d. MEG expects to release its 2021 capital budget in December.

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