Back in mid-2014, MEG Energy Corp. (TSX:MEG) was one of the most attractive stocks in Canada's energy patch. The company had some of the most efficient heavy oil operations in all of Canada and was growing like a weed.
Handout/ MEG EnergyMEG's shares had fallen 70 per cent over the past 12 months as investors dumped the stock on worries about the company's high debt load, which is 4.1 times its earnings before interest, taxation, depreciation and amortization.
CALGARY - Oilsands producers Suncor Energy Inc. and MEG Energy Corp. operate different types of projects, but both companies said Thursday they could make them work in the current low oil price environment by pushing down costs.
Enter MEG Energy Corp., which owns a 100-per-cent working interest in two oil sands projects in the southern Athabasca region of Alberta; a 50-per-cent interest in the Access Pipeline (from Fort McMurray to Edmonton); and an Edmonton storage terminal.
Thermal oilsands producer MEG Energy Corp. confirmed Tuesday is it looking at selling its half-share in the Access Pipeline to pay down debt and allow it to proceed with two new brownfield expansions of between 10,000 and 20,000 barrels per day each.