MEG Energy
 |
|
| Public | |
| Traded as | : MEG |
| Industry | Oil and gas industry |
| Founded | 1999 by William J McCaffery as McCaffery Energy Group Inc |
| Headquarters | Calgary, Alberta, Canada |
|
Key people
|
William J. McCaffrey chair, pres, ceo Dale Hohm cfo Jamey Fitzgibbon vp spec. proj |
| Products |
Petroleum Electricity |
|
Production output
|
76.64 thousand barrels of oil equivalent (468,900 GJ) per day(2016) |
| Revenue |
 $1050.504 million (2012)
|
C$52.569 million (2012) 18%
|
|
| Total assets | C$8018.679 million (2012)29%
|
| Total equity | $4870.534 million 201222%
|
|
Number of employees
|
485 (June 2013) |
| Website | www |
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 and 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 (270×106 m3) and probable reserves (also called recoverable resource) 3.7 billion barrels (590×106 m3) (by engineering firm GLJ Petroleum Consultants Ltd [1]); That's significant considering only 300 billion barrels (48×109 m3) of the 1.6 trillion barrels (250×109 m3) of bitumen in Alberta is considered recoverable under current technology. The value of those reserves is over $19.8 billion. CNOOC has a minority 16.69% interest in MEG Energy.
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.
MEG Energy was founded in 1999 as McCaffrey Energy Group Inc by CEO and President Bill McCaffrey, Director and Corporate Secretary David Wizinsky and former Director Steve Turner. It went public with an IPO of $660 million in August 2010. At the time it was considered a $9.7 billion equity cap company. The Christina Lake project first received approval from the government in 2008, it was one of six oil megaprojects in Canada that year.
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Wikipedia