DOCSLIB.ORG

M E G E N E R G Y C O R P

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
M E G E N E R G Y C O R P M E G E N E R G Y C O R P. 2 0 1 0 S E C O N D Q U A R T E R R E P O R T Q2 F O R T H E T H R E E A N D S I X M O N T H S E N D E D J U N E 3 0 , 2 0 1 0 MEG ENERGY CORP. C O R P O R A T E O V E R V I E W MEG Energy Corp. (“MEG” or the ''Corporation'') is an oil sands company focused on sustainable in situ oil sands development and production in the southern Athabasca region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG is not engaged in oil sands mining. MEG owns a 100% working interest in over 800 square miles of oil sands leases. At December 31, 2009, GLJ Petroleum Consultants Ltd. (''GLJ''), an independent reservoir engineering firm, estimated that the MEG oil sands leases it had evaluated contained 1.7 billion barrels of proved and probable bitumen reserves and 3.7 billion barrels of contingent bitumen resources (best estimate). The Corporation has identified two commercial SAGD projects, the Christina Lake regional project (the ''Christina Lake Project'') and a second project located 30 miles north of the Christina Lake Project (the ''Surmont Project''). MEG believes, supported by GLJ estimates, that the Christina Lake Project and the Surmont Project (assuming an initial 50,000 bbls/d project size) combined will support 260,000 bbls/d of sustained bitumen production for over 30 years. In addition, the Corporation holds other leases in the southern Athabasca region that are still in the resource definition stage and that provide significant additional development opportunities (the ''Growth Properties''). The Corporation is currently focused on the phased development of the Christina Lake Project. MEG's first two production phases at the Christina Lake Project, Phases 1 and 2, commenced production in 2008 and 2009, respectively, have a combined designed production capacity of 25,000 bbls/d and are complete and on production. Phase 2B, a 35,000 bbls/d expansion, has received regulatory approvals and MEG plans to commence site construction in early 2011. MEG's combined designed production capacity at the Christina Lake Project is expected to reach 60,000 bbls/d once Phase 2B is complete. Phase 3 contemplates a phased development totaling an additional 150,000 bbls/d that would bring MEG's total designed production capacity at the Christina Lake Project to 210,000 bbls/d. MEG anticipates receiving regulatory approvals for Phase 3 in late 2010 or early 2011. In addition, MEG is currently preparing a regulatory application for a multi-phase development of up to 100,000 bbls/d at Surmont and expects to file the application in 2011. MEG also holds a 50% interest in a strategic 215-mile dual pipeline system that connects the Christina Lake Project to a large regional upgrading, refining, diluent supply and transportation hub in the Edmonton, Alberta area (the ''Access Pipeline''). T A B L E O F C O N T E N T S 1 Corporate Overview 3 Letter to Our Shareholders 6 Management’s Discussion and Analysis 25 Consolidated Balance Sheet 26 Consolidated Statement of Operations and Deficit 27 Consolidated Statement of Other Comprehensive Income (Loss) 27 Consolidated Statement of Accumulated Other Comprehensive Loss 28 Consolidated Statement of Cash Flows 29 Notes to Consolidated Financial Statements 38 Corporate Information 1 SECOND QUARTER 2010 REPORT MEG ENERGY CORP. C O R P O R A T E O V E R V I E W MEG’S OIL SAND HOLDINGS AND AREA OF FOCUS T83 REMAINING RECOVERABLE RESOURCE Growth Properties 63 (34% of leases evaluated by GLJ) Surmont 1,481 mmbbl Christina Lake 647 mmbbl Surmont Growth Properties 881 Christina Lake 3,109 mmbbl e n li e ip P s s e c c A T71 R19 R1W4M SECOND QUARTER 2010 REPORT 2 MEG ENERGY CORP. L E T T E R T O O U R S H A R E H O L D E R S This is an exciting time for MEG's shareholders and employees. Production volumes from our commercial operations at Christina Lake, which commenced in August 2009, have safely ramped-up more rapidly than any other steam assisted gravity drainage (“SAGD”) project that we have seen, and with one of the lowest SORs. This demonstrates both the quality of our oil sands reservoir and the high performance of our team. On the Corporate front, MEG has now become a public company with shares listed for trading on the Toronto Stock Exchange under the symbol “MEG”. The very positive results of our operations at Christina Lake, combined with the closing of our IPO in August, now gives us the confidence and financial strength to more than double our production to 60,000 barrels per day at Christina Lake. MEG is well positioned to continue to grow and to increase shareholder value. CHRISTINA LAKE OPERATIONS Christina Lake Phase 1, MEG's 3,000 bbls/d pilot facility, commenced production in 2008 and has been integrated with the 22,000 bbls/d Phase 2 facility that commenced operations in August 2009. Combined design capacity of 25,000 bbls/d was exceeded in June 2010, when bitumen production averaged 26,412 bbls/d from 29 horizontal well pairs. Importantly, the SOR for June was 2.4 and for the second quarter as a whole averaged 2.5, one of the lowest in the Alberta in situ oil sands industry. In the second quarter, MEG commenced circulation of steam into two additional horizontal well pairs and plans to covert these wells to production in the third quarter of 2010. The ramp-up in production volumes over the past year has been better than planned. Bitumen sales over the past four quarters have been as follows: 2009 third quarter 2,493 bbls/d 2009 fourth quarter 5,920 bbls/d 2010 first quarter 13,447 bbls/d 2010 second quarter 24,562 bbls/d Production volumes are anticipated to stabilize in the range of 24,000 to 27,000 bbls/d. Commercial operations at Christina Lake are at an early stage, and production volumes may be volatile as experience shows that unexpected situations often arise during the start-up of SAGD operations. Also note that a planned plant turnaround is scheduled for two to three weeks in September, during which there will be no production. If plant issues are found during this important inspection and maintenance period, operations may be interrupted for a longer period of time than currently scheduled. CHRISTINA LAKE EXPANSION Christina Lake Phase 2B, a 35,000 bbls/d expansion, received regulatory approvals in 2009. Detailed engineering and the procurement of major equipment is underway. Field construction and the drilling of horizontal well pairs is planned to commence late this year or early in 2011. Phase 2B is being designed to more than double our production capacity to 60,000 bbls/d and is planned to commence steaming operations in 2013. 3 SECOND QUARTER 2010 REPORT MEG ENERGY CORP. L E T T E R T O O U R S H A R E H O L D E R S MEG's Christina Lake Phase 3 regulatory application, for a total of an additional 150,000 bbls/d of bitumen production, was filed with Alberta provincial regulatory authorities in 2008. MEG received a completeness decision in May 2010 from Alberta Environment in respect of its Phase 3 Environmental Impact Assessment application and made a formal request to the Energy Resources Conservation Board for a decision regarding the project application in June 2010. MEG anticipates the receipt of approvals late in 2010 or 2011. FINANCIAL RESULTS Prior to December 1, 2009, the financial results from operations were capitalized as commercial production had not commenced. Therefore, revenue prior to December 1, 2009 consisted primarily of interest earned on cash balances. Effective December 1, 2009, the Corporation commenced planned principal operations and ceased capitalizing petroleum and power sales, operating costs and interest costs for the Christina Lake Project. As a result of the commencement of commercial operations, revenue, net of royalties, increased to $210.5 million in the second quarter of 2010, compared with $0.5 million in the second quarter of 2009. Cash flow from operations for the three months ended June 30, 2010 totaled $45.3 million, an increase of $59.3 million from the same period in 2009. MEG's long-term debt of US$1.0 billion is denominated in US dollars. At the end of each reporting period, the loans are translated into Canadian dollars at the period-end exchange rate. The effect of exchange rate changes is recorded as a gain, if the Canadian dollar strengthens, or a loss, if the Canadian dollar weakens compared with the previous period. Exchange rate fluctuations can have a large impact on net income each quarter, but are not considered by management to be indicative of operating results. The Cdn/US$ exchange rate was 1.0606 on June 30 2010, compared with 1.0156 on March 31, 2010, 1.1625 on June 30, 2009 and 1.2602 on March 31, 2009. As a result, the foreign exchange loss on the translation of US dollar denominated debt, net of US dollar denominated cash and our debt service reserve, was $37.5 million in the second quarter of 2010, compared with a gain of $64.9 million in the second quarter of 2009.
Load more

Recommended publications
  • Creating Sustainable
    CREATING SUSTAINABLE BuildingVALUE on our Strong Foundation 20 Annual Report MEG ENERGY MEG ENERGY | Annual Report | 2018 1 01 Creating Sustainable Value MEG Letter 02 to Shareholders ENERGY Operating and 05 Financial Highlights CO R P. Management’s MEG Energy is a Canadian energy company focused 06 Discussion and Analysis on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. Report 48 of Management Driven by innovation, MEG is changing the way oil sands are developed and operated. With proven, Independent proprietary technology, we are dramatically reducing 49 Auditor’s Report our energy and water use, capital and operating costs, and greenhouse gas intensity. Consolidated 52 Financial Statements MEG is creating new possibilities for sustainable development in the Canadian oil sands. Notes to Consolidated 56 Financial Statements TSX | MEG 2 MEG ENERGY | Annual Report | 2018 At MEG we are getting back to the basics of value creation and enhanced capital discipline. “This means that we will prioritize balance sheet strength over growth in the coming years, commit to prudently manage our business through commodity cycles and advance profitable development with the goal of long-term sustainable returns. Supported by our strong foundation of 100,000 barrels per day of base production, low sustaining costs, a 40-plus year world-class resource, and proven proprietary technology - we continue our journey with a new mindset and a refreshed focus on putting shareholders first. “ MEG ENERGY | Annual Report | 2018 1 To Our Shareholders A message from the President and CEO For MEG, 2018 was a year of record operational performance, as well as much change and challenge.
    [Show full text]
  • Read the Announcement Press Release (PDF)
    Canada’s largest oil sands producers announce unprecedented alliance to achieve net zero greenhouse gas emissions CALGARY, Alberta, June 9, 2021 – Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy formally announced today the Oil Sands Pathways to Net Zero initiative. These companies operate approximately 90% of Canada’s oil sands production. The goal of this unique alliance, working collectively with the federal and Alberta governments, is to achieve net zero greenhouse gas (GHG) emissions from oil sands operations by 2050 to help Canada meet its climate goals, including its Paris Agreement commitments and 2050 net zero aspirations. • This collaborative effort follows welcome announcements from the Government of Canada and the Government of Alberta of important support programs for emissions- reduction projects and infrastructure. Collaboration between industry and government will be critical to progressing the Oil Sands Pathways to Net Zero vision and achieving Canada’s climate goals. • The Pathways vision is anchored by a major Carbon Capture, Utilization and Storage (CCUS) trunkline connected to a carbon sequestration hub to enable multi-sector ‘tie-in’ projects for expanded emissions reductions. The proposed CCUS system is similar to the multi-billion dollar Longship/Northern Lights project in Norway as well as other CCUS projects in the Netherlands, U.K. and U.S., all of which involve significant collaboration between industry and government. • The Pathways initiative is ambitious and will require significant investment on the part of both industry and government to advance the research and development of new and emerging technologies. • The companies involved look forward to continuing to work with the federal and Alberta governments, and to engaging with local Indigenous communities in northern Alberta to make this ambitious, major emissions-reduction vision a reality so those communities can continue to benefit from Canadian resource development.
    [Show full text]
  • MEG Energy Reports Strong Adjusted Funds Flow in First Quarter 2019
    MEG Energy reports strong adjusted funds flow in first quarter 2019 All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, ALBERTA (May 6, 2019) – MEG Energy Corp. (“MEG”) reported its first quarter 2019 operational and financial results. Highlights include: • Bitumen production volumes of 87,113 barrels per day (bbls/d) at a steam-oil-ratio (SOR) of 2.2, reflecting continued Alberta-wide mandated curtailments on MEG’s production capacity of 100,000 bbls/d; • Delivery of 31% of sales volumes to the U.S. Gulf Coast (“USGC”) market where, net of transportation costs, realized pricing represents a US$3 premium to those sold in Western Canada; • Average Access Western Blend (“AWB”) sales price of $59.02 (US$44.40) per barrel, representing a US$1.79 per barrel premium to the Western Canadian Select benchmark in Hardisty and a 56% improvement from the prior quarter; • Bitumen realization of $50.21 per barrel is the highest achieved in the last four years; • Net operating costs of $6.17 per barrel, including non-energy operating costs of $5.22 per barrel; • General and administrative (“G&A”) expense of $2.27 per barrel of production in the quarter continue to decline, reflecting reduced staffing levels and increased focus on cost structure. 2019 G&A expense is anticipated to average $1.95 - $2.05 per barrel; • Adjusted funds flow of $151 million ($0.50 per share), compared to negative adjusted funds flow of $38 million in the fourth quarter of 2018, largely due to the significant narrowing of light to heavy differentials in the Corporation’s North American markets; • Total cash capital investment of $53 million, primarily consisting of sustaining and maintenance capital; and • Strong free cash flow of $98 million in the first quarter of 2019 with cash and cash equivalents on the balance sheet of $154 million on March 31, 2019.
    [Show full text]
  • The Second-Quarter 2018 Report
    SECOND QUARTER 2018 Report to Shareholders for the period ended June 30, 2018 MEG Energy Corp. reported second quarter 2018 operating and financial results on August 2, 2018. Highlights include: • Quarterly production volumes of 71,325 barrels per day, while completing planned maintenance activities. With strong first half production, annual production guidance has been revised higher to 87,000 to 90,000 barrels per day (bpd), from 85,000 to 88,000 bpd; • Record low per barrel net operating costs of $5.64, including non-energy operating costs of $5.47, which were impacted by lower sales volumes in the quarter. Annual non-energy operating cost guidance has been reduced by 5% to $4.50 to $5.00 per barrel, from $4.75 to $5.25 per barrel to reflect strong cost performance to-date; • Adjusted funds flow from operations of $18 million, impacted by lower sales volumes due to turnaround activities, realized losses on commodity derivatives, and mark-to-market, unrealized cash-settled stock- based compensation; • Total cash capital investment of $183 million in the quarter, primarily directed to planned turnaround activities and advancing key growth projects. The 2018 capital plan has been revised to $670 million from the previously announced $700 million, to reflect improved capital cost efficiencies and strong operational results on the Phase 2B eMSAGP implementation; and • Cash and cash equivalents of $564 million, MEG’s covenant-lite US$1.4 billion facility remains undrawn. During the second quarter of 2018, MEG completed a large-scale turnaround at Christina Lake Phase 2B, lasting 33 days. Production in the quarter averaged 71,325 bpd, which was in-line with the second quarter of 2017, and 23% lower than the first quarter of 2018.
    [Show full text]
  • MEG Energy Year-End 2020 Combined Report
    Report to Shareholders for the year ended December 31, 2020 (All financial figures are expressed in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen, unless otherwise noted) MEG Energy Corp. reported full year 2020 operational and financial results on March 3, 2021. Highlights include: • Free cash flow of $129 million driven by adjusted funds flow of $278 million ($0.91 per share) and disciplined capital spend of $149 million; • Bitumen production volumes of 82,441 barrels per day (bbls/d) at a steam-oil ratio (SOR) of 2.3; • Repayment of $132 million of long-term debt concurrent with the refinancing of US$1.2 billion of existing indebtedness; • General and administrative expense of $49 million which was $19 million, or 28%, lower than 2019; • Net operating costs of $6.18 per barrel, supported by record low non-energy operating costs of $4.38 per barrel and strong power sales which offset 45% of per barrel energy operating costs resulting in a net energy operating cost of $1.80 per barrel; and • Exited 2020 with $114 million of cash on hand and MEG's $800 million modified covenant-lite revolver remains undrawn. “Notwithstanding the incredibly challenging environment our industry faced in 2020, MEG continued to execute on its strategic focus of improving overall cost efficiencies, preserving financial liquidity and enhancing MEG’s competitive position,” says Derek Evans, President and Chief Executive Officer. “In keeping with this strategy, we significantly reduced G&A, repaid indebtedness, extended the maturity runway of outstanding long-term debt and began moving the majority of our barrels to the USGC for the first time.
    [Show full text]
  • Suncor Energy's Updated Corporate Strategy Increases Shareholder
    Canada’s largest oil sands producers announce unprecedented alliance to achieve net zero greenhouse gas emissions CALGARY, Alberta, June 9, 2021 – Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy formally announced today the Oil Sands Pathways to Net Zero initiative. These companies operate approximately 90% of Canada’s oil sands production. The goal of this unique alliance, working collectively with the federal and Alberta governments, is to achieve net zero greenhouse gas (GHG) emissions from oil sands operations by 2050 to help Canada meet its climate goals, including its Paris Agreement commitments and 2050 net zero aspirations. • This collaborative effort follows welcome announcements from the Government of Canada and the Government of Alberta of important support programs for emissions- reduction projects and infrastructure. Collaboration between industry and government will be critical to progressing the Oil Sands Pathways to Net Zero vision and achieving Canada’s climate goals. • The Pathways vision is anchored by a major Carbon Capture, Utilization and Storage (CCUS) trunkline connected to a carbon sequestration hub to enable multi-sector ‘tie-in’ projects for expanded emissions reductions. The proposed CCUS system is similar to the multi-billion dollar Longship/Northern Lights project in Norway as well as other CCUS projects in the Netherlands, U.K. and U.S., all of which involve significant collaboration between industry and government. • The Pathways initiative is ambitious and will require significant investment on the part of both industry and government to advance the research and development of new and emerging technologies. • The companies involved look forward to continuing to work with the federal and Alberta governments, and to engaging with local Indigenous communities in northern Alberta to make this ambitious, major emissions-reduction vision a reality so those communities can continue to benefit from Canadian resource development.
    [Show full text]
  • Oil Sands: What Does the Future Hold?
    Oil Sands: What does the future hold? May 2018 OPINION COLUMN OPINION Introduction Oil sands are deposits of clay, sand, water and bitumen – i.e. oil in a solid or semi- solid state. Bitumen requires unconventional extraction methods to get it to the surface, and ‘upgrading’ to convert it into synthetic crude oil. Most of the world’s oil sand resources (about 80%) are located in Alberta, Canada1. The oil sands industry receives much international criticism because of its heavy social and environmental impact, which can in turn generate complex legal, regulatory and social risks to shareholder value. The future of the oil sands industry remains uncertain. While the low price of oil has pushed some energy companies out of Canadian oil sands, and controversies surrounding the resource have also affected banks, fossil fuels and oil sands in particular remain an important source of revenue and energy for Canada. This paper examines the social and environmental impact of oil sands production, providing insights from Vigeo Eiris’ research and analysing different perspectives on future industry developments. 23 out of 161 oil & gas companies included in Vigeo Eiris’ research universe were identified as having involvement in oil sands operations. An observation that might seem paradoxical is that companies in Alberta demonstrate particularly well formalised commitments backed by a wide range of KPIs. This behaviour is explained by a close public scrutiny and Alberta’s strong regulatory system and compliance requirements. 1 “Oil Sands” - Geology.com website - accessed 14/06/2017 “BP and Shell: Rising Risks in Tar Sands Investments, Platform and Greenpeace” - 2008 OPINION COLUMN OPINION 2 How oil sands are used Environmental, social to produce petroleum and economic concerns products raised by oil sands Extraction production The bitumen found in oil sands can rarely be Oil sands have been a recent source of public pumped straight from the ground in its natural debate and even political conflict.
    [Show full text]
  • Management's Discussion and Analysis
    Management's Discussion and Analysis This Management's Discussion and Analysis ("MD&A") of the financial condition and performance of MEG Energy Corp. ("MEG" or the "Corporation") for the year ended December 31, 2017 was approved by the Board of Directors on March 8, 2018. This MD&A should be read in conjunction with the Corporation's audited consolidated financial statements and notes thereto for the year ended December 31, 2017 and its most recently filed Annual Information Form (“AIF”). This MD&A and the audited consolidated financial statements and comparative information have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and are presented in thousands of Canadian dollars, except where otherwise indicated. MD&A – Table of Contents 1. BUSINESS DESCRIPTION ........................................................................................................................................ 2 2. OPERATIONAL AND FINANCIAL HIGHLIGHTS ........................................................................................................ 3 3. RESULTS OF OPERATIONS ..................................................................................................................................... 5 4. OUTLOOK .............................................................................................................................................................. 9 5. BUSINESS ENVIRONMENT ..................................................................................................................................
    [Show full text]
  • Q3 2020 Financial Statements and MD&A
    Report to Shareholders for the period ended September 30, 2020 (All financial figures are expressed in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales, unless otherwise noted) MEG Energy Corp. reported third quarter 2020 operational and financial results on October 26, 2020. 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. “Our 75-day major scheduled plant turnaround was successfully completed in August with production coming back stronger than previously expected” said Derek Evans, President and Chief Executive Officer. “As we head into year end, we are increasing annual production guidance, decreasing annual G&A and non-energy operating cost guidance and expect to build free cash flow through the balance of the year with 80% of our WTI exposure on our fourth quarter sales hedged at approximately US$46 per barrel.” 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. Third quarter financial and operating highlights include: • Adjusted funds flow of $27 million ($0.09 per share), impacted by lower sales volumes due to major planned turnaround activities; • Quarterly production volumes of 71,516 barrels per day (bbls/d) at a steam-oil ratio (SOR) of 2.36, while completing major planned turnaround activities.
    [Show full text]
  • Oil Sands Quarterly Update
    ALBERTA O I L S A N D S INDUSTRY Q U A R T E R L Y UPDATE SPRING 2012 Reporting on the period: Dec. 3, 2011 to March 9, 2012 2 ALBERTA OIL SANDS INDUSTRY QUARTERLY UPDATE Canada has the third-largest oil bitumen deposits are too deep reserves in the world, next to Saudi underground to economically employ Arabia and Venezuela. Of Canada’s this technology. 179 billion barrels of oil reserves, Right now there are essentially 170 billion barrels are located All about two commercial methods of in situ in Alberta, and have the special (Latin for “in place,” essentially quality of being bitumen. This is a meaning wells are used rather than the oil sands resource that has been developed trucks and shovels). In cyclic steam for decades, but is only now coming Background of an stimulation (CSS), high-pressure into the forefront of the global energy steam is injected into directional important global resource industry, as conventional supplies— wells drilled from pads for a period so-called “easy” oil—continue to be of time, then the steam is left to depleted. The figure of 170 billion soak in the reservoir for a period, barrels represents what is considered melting the bitumen, and then economically recoverable with the same wells are switched into today’s technology, but with new production mode, bringing the technologies, this reserve estimate bitumen to the surface. could be increased to as much as 315 billion barrels. In steam assisted gravity drainage (SAGD), parallel horizontal well pairs There are three major bitumen (or are drilled from well pads at the oil sands) deposits in Alberta.
    [Show full text]
  • Producer Members
    Producer Members From emerging two person operations to internationally recognized corporations employing thousands of people, CAPP's more than 60 producer members actively and responsibly explore for, develop and produce Canada's petroleum resources. A Adeco Exploration Company Ltd. Aitken Creek Gas Storage ULC Anadarko Canada E&P Ltd. ARC Resources Ltd. Aspenleaf Energy Limited Athabasca Oil Corporation B Birchcliff Energy Ltd. Bonavista Energy Corporation Bonterra Energy Corp. BP Canada Energy Group ULC C Canadian Natural Resources Limited Canbriam Energy Inc. Cenovus Energy Chance Oil and Gas Limited Chevron Canada Resources CNOOC Petroleum North America ULC ConocoPhillips Canada Corridor Resources Inc. Crescent Point Energy D Devon Canada Corporation E Encana Corporation Enerplus Corporation Equinor Canada Ltd. ExxonMobil Canada Ltd. F Freehold Royalties Ltd. G H Husky Energy I Imperial Oil Resources Limited InPlay Oil Corp. J Japan Canada Oil Sands Limited K Kainaiwa Resources Inc. Kaisen Energy Corp. Keyera Corp. Koch Oil Sands Operating ULC L Longshore Resources Ltd. M Mancal Energy Inc. MEG Energy Corp. Modern Resources Inc. Murphy Oil Company Ltd. N NAL Resources Limited NuVista Energy Ltd. O Orlen Upstream Canada Ltd. Osum Oil Sands Corp. P Painted Pony Energy Ltd. Perpetual Energy Inc. PetroChina Canada Ltd. Petronas Energy Canada Ltd. PrairieSky Royalty Ltd. Prosper Petroleum Ltd. Q Questerre Energy Corp. R Repsol Oil & Gas Canada Inc. Rustum Petroleums Limited S Seven Generations Energy Ltd. Shell Canada Strategic Oil and Gas Ltd. Suncor Energy Inc. Syncrude Canada Ltd. T Tamarack Valley Energy Tangle Creek Energy Ltd. Teck Resources Total E&P Canada Ltd. Tourmaline Oil Corp. U V Vermilion Energy Inc.
    [Show full text]
  • Proven Performance. a Promising Future
    www.megenergy.com Proven Performance. A Promising Future. MEG ENERGY CORP. Annual Report 2011 A Pure Play MEG ENERGY Oil Sands Investment ANNUAL REPORT 2011 Operational and Financial Overview 2 Message To Shareholders 4 2011: Our Goals and Results 8 2012: Our Goals and Plans To Reach Them 9 Exceptional Resource Base 10 Exceptional Execution 12 Connecting To Markets 14 MEG Energy Corp. is a Canadian oil sands company focused on Innovating for the Future sustainable in situ development and production in the southern 16 Athabasca oil sands region of Alberta. MEG has acquired a large, high Management’s Discussion and Analysis 20 quality resource base – one that we believe holds some of the best in Report of Management 52 situ resources in Alberta. With these resources and a well-formulated Auditor’s Report 53 strategic growth plan, MEG is positioned to be a strong oil sands player for many years to come. Financial Statements 54 Information for Shareholders 97 Directors and Officers 98 Operational and 2011 Quarterly FULL Financial Overview PerformanCe Year ($ per barrel unless specified) Q1 Q2 Q3 Q4 2011 2010 2011 was a significant year for MEG Energy. It represented the first year in which we were Bitumen production – barrels per day 27,653 27,826 20,945 30,032 26,605 21,257 able to demonstrate full commercial production at our Christina Lake Project. Performance Steam-oil ratio 2.5 2.5 2.5 2.3 2.4 2.5 from an operational and financial perspective began strong early in the year, with that momentum building to year-end.
    [Show full text]