MEG Energy

MEG Energy Corp.
Company typePublic
TSX: MEG
IndustryOil and gas industry
Founded1999 by William J McCaffery as McCaffery Energy Group Inc
Headquarters
Calgary, Alberta, Canada
Key people
Derek W. Evans[1] chair, pres, ceo
Dale Hohm cfo
ProductsPetroleum
Electricity
Production output
93.082 thousand barrels of oil equivalent (569,460 GJ) per day[2](2019)
RevenueIncrease$3,931 million (2019)[3]
C($72) million (2019[3]Increase43%
Total assetsC$7,866 million (2019)[3]Decrease6%
Total equity$3,853 million (2019)Decrease.85%
Number of employees
485 (June 2013)
Websitewww.megenergy.com

MEG Energy is a pure play Canadian oil sands producer engaged in exploration in Northern Alberta. All of its oil reserves are more than 1,000 feet (300 m) below the surface, so they depend on steam-assisted gravity drainage and associated technology to produce (heavy bitumen must first be brought to the surface). The company's main thermal project is Christina Lake. 85-megawatt cogeneration plants are used to produce the steam used in SAGD which is required to bring bitumen to the surface. The excess heat and electricity produced at its plants is then sold to Alberta's power grid. Its proven reserves have been independently pegged at 1.7 billion barrels (270×10^6 m3) and probable reserves (also called recoverable resource) 3.7 billion barrels (590×10^6 m3) (by engineering firm GLJ Petroleum Consultants Ltd [1]); That's significant considering only 300 billion barrels (48×10^9 m3) of the 1.6 trillion barrels (250×10^9 m3) of bitumen in Alberta is considered recoverable under current technology.[4] The value of those reserves is over $19.8 billion.[5] CNOOC has a minority 16.69% interest in MEG Energy.[6]

Within nine months of going public it reached large cap company status after a small cap ipo. As recently as 2007 it was a junior oil company.[7]

  1. ^ "MEG Energy | MEG Energy Names Derek Evans as New Chief Executive Officer".
  2. ^ "Meg Energy reports" (PDF). Archived from the original (PDF) on 2021-01-13. Retrieved 2021-01-12.
  3. ^ a b c "Archived copy" (PDF). Archived from the original (PDF) on 2021-01-13. Retrieved 2021-01-12.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ Cite error: The named reference daily was invoked but never defined (see the help page).
  5. ^ Willis, Andrew (2010-06-14). "MEG Energy launches massive IPO". The Globe and Mail. Toronto.
  6. ^ Cite error: The named reference heavyoil was invoked but never defined (see the help page).
  7. ^ "Plantsuccess 2008 Canada". 2008. Archived from the original on 2008-10-26.