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MEG Energy
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January 2023 Corporate Presentation
| John Rogers | Page 2 of 11 |
May 01, 2024
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"January 2023 Corporate Presentation"
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WHY MEG ENERGY? High Quality Asset Base Free Cash Flow (“FCF”) 1 Generation Debt Reduction & Share Buybacks ESG Market Access • ~.0 billion bbls of P reserves (~55 RLIat 100,000 bbls/d) • Low production decline profile (~15%) and associated low sustaining capital equals greater free cash flow 1 • nd lowest steam oil ratio (SOR) in sector, 15% below peer average • Excellent capital efficiencies on both short -cycle (recompletions) and long -cycle (new pads) opportunities • Unhedged “pure play” providing full exposure to rising crude oil prices • Applying 100% of FCF to debt reduction and share buybacks • ~15% estimated 03 FCF yield at US$80/bbl WTI • Not expected to be cash taxable until 08 at US$80/bbl WTI • FCF split equally between debt reduction and share buybacks • ~$38mm of share buybacks in 0 (~1mm shares, or ~7% of 01 YE shares outstanding) • ~US$1,016mm of debt repayments in 0 • 100% allocation to shareholder returns when net debt 1 reaches US$600mm • Tidewater access enhances bitumen realizations • ~80% or 10,000 bbls/d of blend sales 3 has firm service pipeline access to tidewater 4 • Contracted dock space for 500,000 bbls/month of U.S. Gulf Coast (USGC) export capacity to Asian markets • Over million bbls of strategic storage that provides operating and marketing flexibility • Targeting net zero greenhouse gas (GHG) emissions by 050 • Founding member of the Pathways Alliance which is focused on achieving net zero GHG emissions from oil sands operations by 050 • Greater than 99.5% methane conservation • Zero fresh water used in thermal operations 1. Free cash flow (defined as adjusted funds flow less capex) & net debt ( defined as long -term d ebt less cash and cash equivalents) are capital management measures -r efer to Disclosure Advisories for further information. . P reserves as of December 31, 01. 3. Blend sales is a Non -GAAP financial measure – refer to Disclosure Advisories for further information. 4. 100,000 bbls/d of Flanagan capacity and 0,000 bbl s/d of TMX capacity ( scheduled to come in service in Q4 03 ).