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MEG Energy announces first quarter 2024 financial and operating results

06.05.2024  |  CNW

All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen unless otherwise noted. The Corporation's Non-GAAP and Other Financial Measures are detailed in the Advisory section of this news release. They include: cash operating netback, bitumen realization net of transportation and storage expense, operating expenses net of power revenue, energy operating costs net of power revenue, non-energy operating costs, energy operating costs, adjusted funds flow, free cash flow and net debt.

CALGARY, May 6, 2024 - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its first quarter 2024 operational and financial results.

"MEG's strong safety, operating, and financial performance in the first quarter of 2024 demonstrate the team's focus on operations excellence," said Darlene Gates, Chief Executive Officer. "Bitumen production averaged approximately 104,000 barrels per day during the quarter, and $217 million of free cash flow supported the repurchase of 4.7 million shares and $142 million of debt redemption. We expect that additional Canadian pipeline capacity from the imminent start up of TMX will narrow heavy oil differentials, reduce differential volatility and improve netbacks on all of MEG's production."

First quarter 2024 highlights include:

  • Funds flow from operating activities ("FFO") and adjusted funds flow ("AFF") of $329 million, or $1.19 per share;
  • Free cash flow ("FCF") of $217 million, after funding $112 million of capital expenditures;
  • Redemption of US$105 million (approximately $142 million) of senior notes;
  • Shareholder capital returns totaling $127 million through the repurchase and cancellation of 4.7 million shares at a weighted average price of $26.94 per share;
  • Net debt of US$687 million (approximately $930 million) as at March 31, 2024;
  • Average bitumen production of 104,088 barrels per day ("bbls/d") at a 2.37 steam-oil ratio ("SOR");
  • Bitumen realization after transportation and storage expense of $60.10 per barrel, with the WTI:WCS differential averaging US$19.31 per barrel;
  • Operating expenses net of power revenue of $6.37 per barrel. Power revenue offset 68% of energy operating costs, resulting in energy operating costs net of power revenue of $1.19 per barrel and non-energy operating costs of $5.18 per barrel; and
  • The Corporation's 2024 operating and capital guidance remains unchanged.

2024

2023

2022

($millions, except as indicated)

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Operational results:









Bitumen production - bbls/d

104,088

109,112

103,726

85,974

106,840

110,805

101,983

67,256

Steam-oil ratio

2.37

2.28

2.28

2.25

2.25

2.22

2.39

2.46

Bitumen sales - bbls/d

105,534

112,634

101,625

83,531

106,480

113,582

95,759

73,091

Benchmark pricing:









WTI - US$/bbl

76.96

78.32

82.26

73.78

76.13

82.65

91.55

108.41

Differential - WTI:AWB - Edmonton - US$/bbl

(21.00)

(23.79)

(14.38)

(17.37)

(27.63)

(29.14)

(22.80)

(14.25)

AWB - Edmonton - US$/bbl

55.96

54.53

67.88

56.41

48.50

53.51

68.75

94.16

Differential - WTI:AWB - USGC - US$/bbl

(8.16)

(7.43)

(4.94)

(7.62)

(14.87)

(16.35)

(10.15)

(6.15)

AWB - USGC - US$/bbl

68.80

70.89

77.32

66.16

61.26

66.30

81.40

102.26

Financial results:









Bitumen realization after net transportation and

storage expense(1) - $/bbl

60.10

63.52

84.75

57.64

43.40

54.75

74.75

103.29










Non-energy operating costs(2) - $/bbl

5.18

4.64

5.15

5.66

4.77

4.34

4.49

5.65

Energy operating costs net of power revenue(1) - $/bbl

1.19

1.46

(0.04)

0.97

1.36

1.49

0.96

7.32

Operating expenses net of power revenue(1) - $/bbl

6.37

6.10

5.11

6.63

6.13

5.83

5.45

12.97

Cash operating netback(1) - $/bbl

39.99

38.65

58.64

42.38

34.32

43.89

62.63

81.75










General & administrative expense -

$/bbl of bitumen production volumes

2.18

1.89

1.73

1.85

1.94

1.62

1.72

2.37










Funds flow from operating activities

329

358

492

278

348

383

501

412

Per share, diluted

1.19

1.27

1.71

0.96

1.19

1.28

1.63

1.31

Adjusted funds flow(3)

329

358

492

278

274

401

496

478

Per share, diluted(3)

1.19

1.27

1.71

0.96

0.94

1.34

1.61

1.52

Capital expenditures

112

104

83

149

113

106

78

104

Free cash flow(3)

217

254

409

129

161

295

418

374

Debt repayments - US$

105

128

68

40

86

150

262

379

Share repurchases - C$

127

219

58

66

103

196

92

94










Revenues

1,364

1,444

1,438

1,291

1,480

1,445

1,571

1,571










Net earnings (loss)

98

103

249

136

81

159

156

225

Per share, diluted

0.36

0.37

0.86

0.47

0.28

0.53

0.51

0.72










Long-term debt, including current portion

1,015

1,124

1,323

1,382

1,466

1,581

1,803

2,026

Net debt(3) - US$

687

730

885

994

1,020

1,026

1,193

1,384

(1)

Non-GAAP financial measure - please refer to the Advisory section of this news release.

(2)

Supplementary financial measure - please refer to the Advisory section of this news release.

(3)

Capital management measure - please refer to the Advisory section of this news release.

Financial Results

AFF increased to $329 million, or $1.19 per share, in the first quarter of 2024 from $274 million, or $0.94 per share, in the comparable 2023 period driven mainly by a higher cash operating netback and a lower interest expense. Cash operating netback rose $5.67 per barrel in the first quarter of 2024, mainly reflecting a higher bitumen realization after net transportation and storage expense partially offset by higher royalties.

Bitumen realization after net transportation and storage expense rose to $60.10 per barrel in the first quarter of 2024, from $43.40 per barrel in the same period of 2023, primarily driven by narrower WTI:AWB differentials, at both Edmonton and the U.S. Gulf Coast ("USGC"), which increased the blend sales price and lowered diluent expense.

Higher apportionment levels in the first quarter of 2024 reduced sales volumes in the more favorable USGC market. The Corporation sold 48% and 56% of blend sales volumes in the USGC during the first quarters of 2024 and 2023, respectively, with average heavy oil apportionment on the Enbridge mainline system rising to 28% in the first quarter of 2024 from 12% in the comparative 2023 period.

FCF increased to $217 million in first quarter of 2024, from $161 million in the comparable 2023 quarter, primarily reflecting higher AFF.

Capital expenditures of $112 million during the first quarter of 2024 were in line with the same period of 2023 with spending primarily focused on sustaining and maintenance activities in both periods.

Net earnings increased to $98 million in the first quarter of 2024 from $81 million in the same period of 2023 mainly driven by higher AFF partially offset by an unrealized foreign exchange loss on long-term debt, higher depletion and depreciation and increased deferred tax expense.

Operating Results

Bitumen production in the first quarter of 2024 declined 3% to 104,088 bbls/d at a 2.37 SOR from 106,840 bbls/d at a 2.25 SOR in the comparable 2023 period reflecting cold weather impacts, facility maintenance activities and timing of new well start-ups.

Non‐energy operating costs averaged $5.18 per barrel of bitumen sales in the first quarter of 2024 representing a 9% increase from the same quarter of 2023 primarily reflecting planned labour cost increases and higher well workover activity.

Energy operating costs net of power revenue decreased to $1.19 per barrel in the first quarter of 2024 from $1.36 per barrel in the comparable 2023 period primarily reflecting a weaker AECO natural gas price partially offset by a decline in the realized power price. Revenue from the sale of excess power generated by the Corporation's cogeneration facilities offset 68% and 76% of energy operating costs in the first quarters of 2024 and 2023, respectively.

Debt Redemption and Share Repurchases

The $217 million of first quarter 2024 FCF, plus available cash, was used to redeem debt and return capital to shareholders. The Corporation redeemed US$105 million (approximately $142 million) of outstanding 7.125% senior unsecured notes at a redemption price of 101.8% and returned $127 million to MEG shareholders through the repurchase and cancellation of 4.7 million shares at a weighted average price of $26.94 per share.

Capital Allocation Strategy

Approximately 50% of FCF was allocated to debt redemption in the first quarter of 2024 with the remainder applied to share repurchases. 100% of FCF will be returned to shareholders when the Corporation reaches its US$600 million net debt target, which is anticipated to occur in the third quarter of 2024. The Corporation exited the first quarter of 2024 with net debt of US$687 million (approximately $930 million).

On March 6, 2024, the Toronto Stock Exchange ("TSX") approved the renewal of the Corporation's normal course issuer bid ("NCIB"). Pursuant to the NCIB, MEG will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 24,007,526 common shares of the Corporation. The NCIB became effective on March 11, 2024 and will terminate on March 10, 2025 or such earlier time as the NCIB is completed or terminated at the option of MEG.

Sustainability and Pathways Update

MEG, along with its Pathways Alliance peers, continues to progress pre-work on the proposed foundational carbon capture and storage ("CCS") project, which will transport CO2 via pipeline from multiple oil sands facilities to be stored safely and permanently underground in the Cold Lake region of Alberta. Regulatory applications were filed to the Alberta Energy Regulator on March 22, 2024, seeking approvals for the CO2 transportation network and storage hub. The Pathways Alliance continues to advance detailed evaluations of the proposed carbon storage hub and is working to obtain a carbon sequestration agreement from the Alberta Government. In addition, the Pathways Alliance continues to advance engineering work, environmental field programs to minimize the project's environmental disturbance, and consultations with Indigenous and local communities along the proposed CO2 transportation and storage network corridor. The Pathways Alliance continues to work collaboratively with both the federal and Alberta Governments on the necessary policy and co-financing frameworks required to move the project forward. The federal government has proposed an investment tax credit ("ITC") for CCS projects for all sectors across Canada and expects implementing legislation for the CCS ITC by the end of the year 2024. In addition, the Alberta Government announced an Alberta Carbon Capture Incentive Program which aims to help hard-to-abate industries by providing a grant of 12% for new eligible CCS capital costs. The Pathways Alliance is evaluating these proposals.

Additional information regarding the Corporation's ESG actions, including the Corporation's 2023 ESG Report, is available in the "Sustainability" section of the Corporation's website at www.megenergy.com. The Corporation's ESG Report and contents of MEG's website are expressly not incorporated by reference in this news release.

Adjusted Funds Flow Sensitivity

MEG's production is comprised entirely of crude oil and AFF is highly correlated with crude oil benchmark prices and light-heavy oil differentials. The following table provides an annual sensitivity estimate to the most significant market variables.

Variable

Range

2024 AFF Sensitivity(1)(2) - C$mm

WCS Differential (US$/bbl)

+/- US$1.00/bbl

+/- C$47mm

WTI (US$/bbl)

+/- US$1.00/bbl

+/- C$31mm

Bitumen Production (bbls/d)

+/- 1,000 bbls/d

+/- C$16mm

Condensate (US$/bbl)

+/- US$1.00/bbl

+/- C$14mm

Exchange Rate (C$/US$)

+/- $0.01

+/- C$10mm

Non-Energy Opex (C$/bbl)

+/- C$0.25/bbl

+/- C$6mm

AECO Gas(3) (C$/GJ)

+/- C$0.50/GJ

+/- C$6mm

(1)

Each sensitivity is independent of changes to other variables.

(2)

Assumes mid point of 2024 production guidance, US$75.00/bbl WTI, US$16.25/bbl WTI:WCS Edmonton discount, US$1.50/bbl WCS:AWB Edmonton discount, US$7.75/bbl WTI:AWB Gulf Coast discount, C$1.35/US$ F/X rate, condensate purchased at 100% of WTI and one bbl of bitumen per 1.42 bbls of blend sales (1.42 blend ratio).

(3)

Assumes 1.4 GJ/bbl of bitumen, 65% of 160 MW of power generation sold externally and a 25.0 GJ/MWh heat rate.

Conference Call

A conference call will be held to review MEG's first quarter 2024 operating and financial results at 6:30 a.m. Mountain Time (8:30 a.m. Eastern Time) on May 7, 2024. To participate, please dial the North American toll-free number 1-888-390-0546, or the international call number 1-416-764-8688.

A recording of the call will be available by 12 p.m. Mountain Time (2 p.m. Eastern Time) on the same day at https://www.megenergy.com/investors/presentations-events/.

ADVISORY
Basis of Presentation

MEG prepares its financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and presents financial results in Canadian dollars ($ or C$), which is the Corporation's functional currency.

Non-GAAP and Other Financial Measures

Certain financial measures in this news release are non-GAAP financial measures or ratios, supplementary financial measures and capital management measures. These measures are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-GAAP and other financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS.

Adjusted Funds Flow and Free Cash Flow

Adjusted funds flow and free cash flow are capital management measures and are defined in the Corporation's consolidated financial statements. Adjusted funds flow and free cash flow are presented to assist management and investors in analyzing operating performance and cash flow generating ability. Funds flow from operating activities is an IFRS measure in the Corporation's consolidated statement of cash flow. Adjusted funds flow is calculated as funds flow from operating activities excluding items not considered part of ordinary continuing operating results. By excluding non-recurring adjustments, the adjusted funds flow measure provides a meaningful metric for management and investors by establishing a clear link between the Corporation's cash flows and cash operating netback. Free cash flow is presented to assist management and investors in analyzing performance by the Corporation as a measure of financial liquidity and the capacity of the business to repay debt and return capital to shareholders. Free cash flow is calculated as adjusted funds flow less capital expenditures.

The following table reconciles FFO to AFF to FCF:


Three months ended March 31

($millions)

2024

2023

Funds flow from operating activities

$ 329

$ 348

Adjustments:



Impact of cash-settled SBC units subject to equity price risk management

-

13

Realized equity price risk management gain

-

(87)

Adjusted funds flow

329

274

Capital expenditures

(112)

(113)

Free cash flow

$ 217

$ 161

Net Debt

Net debt is a capital management measure and is defined in the Corporation's consolidated financial statements. Net debt is an important measure used by management to analyze leverage and liquidity. Net debt is calculated as long-term debt plus current portion of long-term debt less cash and cash equivalents.

The following table reconciles the Corporation's current and long-term debt to net debt:

As at

March 31, 2024

December 31, 2023

Long-term debt

$ 1,015

$ 1,124

Cash and cash equivalents

(85)

(160)

Net debt - C$

$ 930

$ 964

Net debt - US$

$ 687

$ 730

Cash Operating Netback

Cash operating netback is a non-GAAP financial measure, or ratio when expressed on a per barrel basis. Its terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. This non-GAAP financial measure should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS.

Cash operating netback is a financial measure widely used in the oil and gas industry as a supplemental measure of a company's efficiency and its ability to generate cash flow for debt repayment, capital expenditures, or other uses. The per barrel calculation of cash operating netback is based on bitumen sales volumes.

Revenues is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income which is the most directly comparable primary financial statement measure to cash operating netback. A reconciliation from revenues to cash operating netback has been provided below:


Three months ended March 31

($millions)

2024

2023

Revenues

$ 1,364

$ 1,480

Diluent expense

(456)

(498)

Transportation and storage expense

(130)

(143)

Purchased product

(304)

(414)

Operating expenses

(86)

(99)

Realized gain (loss) on commodity risk management

(4)

2

Cash operating netback

$ 384

$ 328

Blend Sales and Bitumen Realization

Blend sales and bitumen realization are non-GAAP financial measures, or ratios when expressed on a per barrel basis, and are used as a measure of the Corporation's marketing strategy by isolating petroleum revenue and costs associated with its produced and purchased products and excludes royalties. Their terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-GAAP financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Blend sales per barrel is based on blend sales volumes and bitumen realization per barrel is based on bitumen sales volumes.

Revenues is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income, which is the most directly comparable primary financial statement measure to blend sales and bitumen realization. A reconciliation from revenues to blend sales and bitumen realization has been provided below:


Three months ended March 31


2024

2023

($millions, except as indicated)


$/bbl


$/bbl

Revenues

$ 1,364


$ 1,480


Power and transportation revenue

(26)


(41)


Royalties

128


31


Petroleum revenue

1,466


1,470


Purchased product

(304)


(414)


Blend sales

1,162

$ 83.58

1,056

$ 76.07

Diluent expense

(456)

(10.00)

(498)

(17.89)

Bitumen realization

$ 706

$ 73.58

$ 558

$ 58.18

Net Transportation and Storage Expense

Net transportation and storage expense is a non-GAAP financial measure, or ratio when expressed on a per barrel basis. Its terms are not defined by IFRS and, therefore may not be comparable to similar measures provided by other companies. This non-GAAP financial measure should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Per barrel amounts are based on bitumen sales volumes.

It is used as a measure of the Corporation's marketing strategy by focusing on maximizing the realized AWB sales price after transportation and storage expense by utilizing its network of pipeline and storage facilities to optimize market access.

Transportation and storage expense is an IFRS measure in the Corporation's consolidated statements of earnings and comprehensive income.

Power and transportation revenue is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income, which is the most directly comparable primary financial statement measure to transportation revenue. A reconciliation from power and transportation revenue to transportation revenue has been provided below.


Three months ended March 31


2024

2023

($millions, except as indicated)


$/bbl


$/bbl

Transportation and storage expense

$ (130)

$ (13.55)

$ (143)

$ (14.88)






Power and transportation revenue

$ 26


$ 41


Less power revenue

(25)


(40)


Transportation revenue

$ 1

$ 0.07

$ 1

$ 0.10






Net transportation and storage expense

$ (129)

$ (13.48)

$ (142)

$ (14.78)

Bitumen Realization after Net Transportation and Storage Expense

Bitumen realization after net transportation and storage expense is a non-GAAP financial measure, or ratio when expressed on a per barrel basis. Its terms are not defined by IFRS and, therefore may not be comparable to similar measures provided by other companies. This non-GAAP financial measure should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Per barrel amounts are based on bitumen sales volumes.

It is used as a measure of the Corporation's marketing strategy by focusing on maximizing the realized AWB sales price after net transportation and storage expense by utilizing its network of pipeline and storage facilities to optimize market access.


Three months ended March 31


2024

2023

($millions, except as indicated)


$/bbl


$/bbl

Bitumen realization(1)

$ 706

$ 73.58

$ 558

$ 58.18

Net transportation and storage expense(1)

(129)

(13.48)

(142)

(14.78)

Bitumen realization after net transportation and storage expense

$ 577

$ 60.10

$ 416

$ 43.40

(1)

Non-GAAP financial measure as defined in this section.

Operating Expenses net of Power Revenue and Energy Operating Costs net of Power Revenue

Operating expenses net of power revenue and Energy operating costs net of power revenue are both non-GAAP financial measures, or ratios when expressed on a per barrel basis. Their terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-GAAP financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Per barrel amounts are based on bitumen sales volumes.

Operating expenses net of power revenue is used as a measure of the Corporation's cost to operate its facilities at the Christina Lake project after factoring in the benefits from selling excess power to offset energy costs.

Energy operating costs net of power revenue is used to measure the performance of the Corporation's cogeneration facilities to offset energy operating costs.

Non-energy operating costs and energy operating costs are supplementary financial measures as they represent portions of operating expenses. Non-energy operating costs comprise production-related operating activities and energy operating costs reflect the cost of natural gas used as fuel to generate steam and power. Per barrel amounts are based on bitumen sales volumes.

Operating expenses is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income. Power and transportation revenue is an IFRS measure in the Corporation's consolidated statement of earnings and comprehensive income which is the most directly comparable primary financial statement measure to power revenue. A reconciliation from power and transportation revenue to power revenue has been provided below.


Three months ended March 31


2024

2023

($millions, except as indicated)


$/bbl


$/bbl

Non-energy operating costs

$ (50)

$ (5.18)

$ (46)

$ (4.77)

Energy operating costs

(36)

(3.74)

(53)

(5.57)

Operating expenses

$ (86)

$ (8.92)

$ (99)

$ (10.34)






Power and transportation revenue

$ 26


$ 41


Less transportation revenue

(1)


(1)


Power revenue

$ 25

$ 2.55

$ 40

$ 4.21






Operating expenses net of power revenue

$ (61)

$ (6.37)

$ (59)

$ (6.13)






Energy operating costs net of power revenue

$ (11)

$ (1.19)

$ (13)

$ (1.36)

Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable Canadian securities laws. These statements relate to future events or MEG's future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "plan", "intend", "target", "potential" and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this press release contains forward looking statements with respect to: the Corporation's future prospects; the Corporation's expectation that increased Canadian pipeline capacity will narrow heavy oil differentials, reduce differential volatility and lead to improved netbacks on MEG's production; the Corporation's expectation of reaching its US$600 million debt target in the third quarter of 2024; the Corporation's expectation of returning 100% of free cash flow to shareholders upon reaching its US$600 million target; the Corporation's expectations regarding the Pathways Alliance projects and government support of these projects; and the Corporation's adjusted funds flow sensitivity estimates.

Forward-looking information contained in this press release is based on management's expectations and assumptions regarding, among other things: future crude oil, bitumen blend, natural gas, electricity, condensate and other diluent prices, differentials, the reaction of heavy oil differentials in response to increased Canadian pipeline capacity; the level of apportionment on the Enbridge Mainline system, foreign exchange rates and interest rates; the recoverability of MEG's reserves and contingent resources; MEG's ability to produce and market production of bitumen blend successfully to customers; future growth, results of operations and production levels; future capital and other expenditures; revenues, expenses and cash flow; operating costs; reliability; continued liquidity and runway to sustain operations through a prolonged market downturn; MEG's ability to reduce or increase production to desired levels, including without negative impacts to its assets; anticipated reductions in operating costs as a result of optimization and scalability of certain operations; anticipated sources of funding for operations and capital investments; plans for and results of drilling activity; the regulatory framework governing royalties, land use, taxes and environmental matters, including federal and provincial climate change policies, in which MEG conducts and will conduct its business; and business prospects and opportunities. By its nature, such forward-looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated.

These risks and uncertainties include, but are not limited to, risks and uncertainties related to: the oil and gas industry, for example, the securing of adequate access to markets and transportation infrastructure (including pipelines and rail) and the commitments therein; the availability of capacity on the electricity transmission grid; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to production, costs and revenues; health, safety and environmental risks, including public health crises and any related actions taken by governments and businesses; legislative and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws and production curtailment; the cost of compliance with current and future environmental laws, including climate change laws; risks relating to increased activism and public opposition to fossil fuels and oil sands; the inability to access government support to industry to assist in the achievement of ESG goals; assumptions regarding and the volatility of commodity prices, interest rates and foreign exchange rates; commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that MEG may enter into from time to time to manage its risk related to such prices and rates; timing of completion, commissioning, and start-up, of MEG's turnarounds; the operational risks and delays in the development, exploration, production, and the capacities and performance associated with MEG's projects; MEG's ability to reduce or increase production to desired levels, including without negative impacts to its assets; MEG's ability to finance capital expenditures; MEG's ability to maintain sufficient liquidity to sustain operations through a prolonged market downturn; changes in credit ratings applicable to MEG or any of its securities; actions taken by OPEC+ in relation to supply management; the impact of the Russian invasion of Ukraine and associated sanctions on commodity prices; the availability and cost of labour and goods and services required in the Corporation's operations, including inflationary pressures; supply chain issues including transportation delays; the cost and availability of equipment necessary to our operations; and changes in general economic, market and business conditions.

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. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.

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. Copies of the AIF and MEG's other public disclosure documents are available through the Company's website at www.megenergy.com/investors and through the SEDAR+ website at www.sedarplus.ca.

The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this news release is made as of the date of this news release and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about MEG's prospective results of operations including, without limitation, the Corporation's AFF based on certain market variables, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. MEG's actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits MEG will derive therefrom. MEG has included the FOFI in order to provide readers with a more complete perspective on MEG's future operations, and the factors that could affect such operations, and such information may not be appropriate for other purposes. MEG disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law.

About MEG

MEG is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. MEG is actively developing innovative 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. MEG transports and sells thermal oil (AWB) to customers throughout North America and internationally. MEG is a member of the Pathways Alliance, a group of Canada's largest oil sands producers working together to address climate change and achieve the goal of net zero emissions1 by 2050. MEG's common shares are listed on the Toronto Stock Exchange under the symbol "MEG" (TSX: MEG).

Learn more at: www.megenergy.com

For further information, please contact:

Investor Relations
T 403.767.0515
E invest@megenergy.com

Media Relations
T 403.775.1131
E media@megenergy.com

1 Scope 1 and Scope 2 emissions

SOURCE MEG Energy Corp.


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