Latest news with #MEG
Cision Canada
a day ago
- Business
- Cision Canada
MEG Energy Safely Evacuates Non-Essential Personnel from Christina Lake Regional Project Amid Wildfires
CALGARY, AB, May 31, 2025 /CNW/ - MEG Energy Corp. ("MEG" or the "Corporation") (TSX: MEG) provided an update today on operations at its Christina Lake Regional Project (CLRP) production facilities in response to regional wildfires south of CLRP. As a precautionary measure, MEG Energy has proactively evacuated all non-essential personnel, ensuring the safety of our team while maintaining critical operating staff on site. The wildfire caused an outage to third-party power line infrastructure connecting CLRP to Alberta's electric grid, prompting MEG to safely disconnect from the grid. View PDF MEG's cogeneration capabilities are enabling continued production at CLRP. However, the power outage is delaying startup of the company's Phase 2B operations, which represent approximately 70,000 barrels per day of production. When the fire situation developed, MEG was preparing to restart Phase 2B following the successful completion of the planned turnaround. We are working closely with the utility company and other stakeholders to restore grid connection and return to full capacity. "The safety of our people and protection of our assets remain our top priorities, and there is no immediate risk to either," said Darlene Gates, President and CEO. "We are working closely with authorities and coordinating with our industry peers to support each other and resume normal operations. I want to thank Alberta's emergency responders for their efforts in battling the fires and wish them continued safety." About MEG MEG is the leading pure-play in situ thermal oil producer in Canada. Our purpose is to meet the growing demand for energy, produced safely and reliably, while generating long-term value for all our stakeholders. MEG produces, transports and sells our oil (AWB) to customers throughout North America and internationally. Our common shares are listed on the Toronto Stock Exchange under the symbol "MEG" (TSX: MEG). For further information, please contact: Media Relations T 403.775.1131 E [email protected] SOURCE MEG Energy Corp.
Yahoo
a day ago
- Business
- Yahoo
MEG Energy Safely Evacuates Non-Essential Personnel from Christina Lake Regional Project Amid Wildfires
CALGARY, AB, May 31, 2025 /CNW/ - MEG Energy Corp. ("MEG" or the "Corporation") (TSX: MEG) provided an update today on operations at its Christina Lake Regional Project (CLRP) production facilities in response to regional wildfires south of CLRP. As a precautionary measure, MEG Energy has proactively evacuated all non-essential personnel, ensuring the safety of our team while maintaining critical operating staff on site. The wildfire caused an outage to third-party power line infrastructure connecting CLRP to Alberta's electric grid, prompting MEG to safely disconnect from the grid. MEG's cogeneration capabilities are enabling continued production at CLRP. However, the power outage is delaying startup of the company's Phase 2B operations, which represent approximately 70,000 barrels per day of production. When the fire situation developed, MEG was preparing to restart Phase 2B following the successful completion of the planned turnaround. We are working closely with the utility company and other stakeholders to restore grid connection and return to full capacity. "The safety of our people and protection of our assets remain our top priorities, and there is no immediate risk to either," said Darlene Gates, President and CEO. "We are working closely with authorities and coordinating with our industry peers to support each other and resume normal operations. I want to thank Alberta's emergency responders for their efforts in battling the fires and wish them continued safety." About MEG MEG is the leading pure-play in situ thermal oil producer in Canada. Our purpose is to meet the growing demand for energy, produced safely and reliably, while generating long-term value for all our stakeholders. MEG produces, transports and sells our oil (AWB) to customers throughout North America and internationally. Our common shares are listed on the Toronto Stock Exchange under the symbol "MEG" (TSX: MEG). Learn more at For further information, please contact: Media RelationsT 403.775.1131E media@ SOURCE MEG Energy Corp. View original content to download multimedia: Sign in to access your portfolio
Mint
2 days ago
- Business
- Mint
Alberta Wildfires Approach Oil Sands, Threaten More Output
(Bloomberg) -- Wildfires in Alberta are threatening almost half a million barrels of daily crude production as heat and wind push the flames closer to massive oil sands well sites. A total of 29 out-of-control fires are burning in the province amid hot, dry weather, bringing flames within 20 kilometers (12 miles) of about 459,000 barrels of daily oil production, according to data from Alberta's energy regulator and wildfire department. The province had only four out-of-control fires on Monday. An expanding fire near Alberta's border with Saskatchewan is the biggest threat to oil output. MEG Energy Corp.'s Christina Lake oil sands facility, which pumped 93,000 barrels a day in April, is within about 4 kilometers of the blaze. MEG said in an email that it has evacuated non-essential workers from the site, but hasn't curtailed production. Part of Canadian Natural Resources Ltd.'s Jackfish oil sands site, which produced almost 38,000 barrels a day in April, is within about 3 kilometers of an expanding fire near Cold Lake, in the heart of the Canadian oil sands, according to Alberta Energy Regulator and Alberta Wildfire data. Other parts of Jackfish that produced a combined 83,000 barrels a day are within about 10 kilometers. CNRL didn't immediately respond to an email seeking comment. Canada, the world's fourth-largest crude producer, has long seen its energy output threatened by wildfires that rage through the dense forests of northern Alberta in spring and summer. In 2016, a blaze shut down the massive oil sands mines just north of Fort McMurray, taking more than 1 million barrels of daily production offline. The situation is strengthening prices for Canada's oil. Canadian heavy crude for July traded at a discount to the US benchmark West Texas Intermediate of as little as $8.70 a barrel on financial markets versus $9.30 on Thursday, according to a person familiar with prices and General Index prices compiled by Bloomberg. Fire danger across most of Alberta is still considered extreme today, according to Natural Resources Canada, though it's expected to subside somewhat over the weekend as the weather shifts, bringing cooler temperatures and a chance of rain by Sunday. Meanwhile, fire crews in northern Saskatchewan and Manitoba are facing 'very, very bad conditions' as gusty winds continue to scour the region, said Paul Pastelok, a senior meteorologist for AccuWeather Inc. Those dry gusts can make it challenging to gain control over existing fires and may also spread embers, Pastelok added, sparking new blazes. Smoke from the fires is expected to drift across the US Upper Midwest Friday, causing hazy skies and somewhat reduced air quality in Chicago and Minneapolis. 'You can get a whiff of that smoke coming down to the ground,' Pastelok said, 'but it won't be as strong as what they've gone through in past years.' --With assistance from Mia Gindis. (Updates with map, heavy Canadian crude price in sixth paragraph) More stories like this are available on
Calgary Herald
3 days ago
- Business
- Calgary Herald
Strathcona's hostile bid for MEG Energy called the 'largest investment in the Canadian oilpatch in a decade'
Article content The terms of the deal are the same as a proposal that was originally made to MEG in April, which was subsequently rejected by the company's board on May 13. MEG indicated at the time that it was not interested in pursuing a combination, according to Strathcona. Article content In response to Strathcona's filing Friday, MEG urged shareholders to wait until the board could provide a formal recommendation. Article content MEG's board has formed a special committee of independent directors to evaluate the offer, the company said Friday, noting that it would provide a recommendation within 15 days. Article content Some MEG shareholders have taken the view that Strathcona's bid doesn't sufficiently recognize the quality of the oilsand firm's Christina Lake assets and the potential of its undeveloped holdings at the Surmont Project in the southern Athabasca region of Alberta. Article content Waterous said the deal provides MEG shareholders with an immediate nine per cent premium on MEG's shares, stronger per-share earnings and cash flow, and the potential for a re-rating of Strathcona that would lower borrowing costs and boost its stock valuation. Article content Article content If the bid succeeds, MEG would be Strathcona's 11th major acquisition. Article content Some MEG shareholders have said they're more than willing to throw their support behind a private-equity player with a track record for dealmaking. Article content Cole Smead, chief executive officer of Smead Capital Management Inc., said agreeing to Strathcona's offer would give MEG shareholders a piece of Waterous' private-equity fund without paying any management or performance fees. Article content 'We just get to ride along as a public shareholder and we get to gain the benefits of his capital-allocation stewardship, and we don't pay any performance fees to him,' Smead said. 'There's a divide in the energy business between people who are good capital allocators and people who are not. Adam Waterous is one of the best.' Article content Article content Sayer Energy Advisors had been predicting a more subdued year for merger-and-acquisition activity in the Canadian upstream oil and gas sector compared to 2024, with total transaction values projected to be in the $15-billion range. Article content Then Whitecap Resources Inc. and Veren Inc. (formerly Crescent Point Energy Corp.) announced their multi-billion-dollar merger in March, followed by nearly $4 billion more in M&A activity in the second quarter so far. Article content 'We're already higher than what we thought we were going to be for all of 2025,' Tom Pavic, Sayer Energy Advisors' president, said. 'And I'm not even counting (Strathcona's bid for MEG) because we don't know how this is going to shake out.' Article content
Reuters
3 days ago
- Business
- Reuters
Canadian oil sands company evacuates workers due to wildfire threat
CALGARY, May 30 (Reuters) - MEG Energy ( opens new tab said on Friday it has evacuated all non-essential workers from its oil sands site in northern Alberta due to wildfires burning in the area. The company said it has not curtailed its oil production.
